Explain why P = MC in the short-run equilibrium of the perfectly competitive firm, whereas in long-run

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Explain why P = MC in the short-run equilibrium of the perfectly competitive firm, whereas in long-run equilibrium P = MC = AC.

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Economics Principles and Policy

ISBN: 978-0538453653

12th edition

Authors: William J. Baumol, Alan S. Blinder

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Question Posted: Apr 12, 2016 07:14 AM

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Explain why P = MC in the short-run equilibrium of the perfectly competitive firm, whereas in long-run

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In the short run a profitmaximizing firm sets output ...View the full answer

Economics Principles and Policy

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