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tlc_71111 tlc_71111
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5 years ago
Competitive pricing is efficient because

• firms make positive economic profits in long-run equilibrium.

• the price that consumers pay reflects the opportunity cost to society of producing the good.

• firms produce above the minimum efficient scale.

• average revenue equals average cost.
Textbook 
Economics Today: The Micro View

Economics Today: The Micro View


Edition: 19th
Author:
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Do What Makes You Come Alive
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rand22rand22
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