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wrote...
Posts: 172
2 months 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.
Source  Download
Economics Today: The Micro View
Edition: 19th
Author:
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2 months ago
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the price that consumers pay reflects the opportunity cost to society of producing the good.
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