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With identical firms, constant input prices, and all the other characteristics of a competitive market

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With identical firms, constant input prices, and all the other characteristics of a competitive market

With identical firms, constant input prices, and all the other characteristics of a competitive market

▸ the long run equilibrium price is the minimum of the average cost curve.

▸ a shift in demand will change the equilibrium price and quantity.

▸ the long run and short run equilibria are identical.

▸ Both the long run equilibrium price is the minimum of the average cost curve and a shift in demand will change the equilibrium price and quantity.

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Managerial Economics and Strategy

Edition: 3^rd

Authors: Perloff, Brander

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