Question: Why is the perfectly competitive firm s long run supply curve identical
Why is the perfectly competitive firm's long-run supply curve identical to its marginal cost curve lying above its ATC?
Relevant QuestionsWhy are price and marginal revenue identical for the firm in perfect competition? Why does the firm's demand curve become more elastic in a monopolistically competitive market as more firms enter the market? Suppose the cost schedule for a perfectly competitive firm producing brooms is: If the market price is $5, how many brooms would the firm produce? Would the firm be making economic profit? How could you tell if the firm is ...What are concentration ratios? Suppose you were on a weight-controlling diet and regularly lunched on either Lean Cuisine or Healthy Choice, the only two firms in the microwave-ready, frozen diet-food industry. Why would you be happy if both firms had no ...
Post your question