In long-run equilibrium, a perfectly competitive firm will operate where price is?

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19-08-2022
Physics

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In long-run equilibrium, a perfectly competitive firm will operate where price is?

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tutorconsortium344 tutorconsortium344 · Answer 1 · 2022-08-30T18:49:22+02:00

The price of a perfectly competitive firm is equal to firm's minimum long run average cost.

In a long-term equilibrium with perfect competition, the product's price equals the firm's minimum long-run average cost (LAC). However, in monopolies, long-run equilibrium only occurs at the junction of the monopolist's long-run marginal cost (LMC) and marginal revenue (MR) curves. Price = LMC exists in the long-run equilibrium of the competitive company because LAC = LMC occurs at the minimum point of the LAC curve. Under contrast, p = AR > MR at each output in a monopoly.

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