Suppose all firms in a competitive industry are operating at output level for which price is equal

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Suppose all firms in a competitive industry are operating at output level for which price is equal to long- run marginal cost. True or false: This industry is necessarily in long- run equilibrium.

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Microeconomics and Behavior

ISBN: 978-0078021695

9th edition

Authors: Robert Frank

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Question Posted: Dec 12, 2014 10:22 AM

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Suppose all firms in a competitive industry are operating at output level for which price is equal

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A firm will have a longrun marginal cost function th...View the full answer

Microeconomics and Behavior

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