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partygirl4u59 partygirl4u59
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A year ago
Long-run equilibrium in a perfectly competitive industry is characterized by

▸ falling costs.

▸ each firm producing at the minimum point on its LRAC curve.

▸ rising costs.

▸ internal economies of scale.

▸ an output level at which firms' SRATC curves are tangent to the downward sloping portion of their LRAC curves.
Textbook 
Microeconomics

Microeconomics


Edition: 17th
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OmfgtimmyOmfgtimmy
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A year ago
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partygirl4u59 Author
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A year ago
this is exactly what I needed
jbarnett14
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I appreciate what you did here, answered it right Smiling Face with Open Mouth
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