Question

14. Explain the process of long run equilibrium price
determination of perfectly competitive Industry with
diagram.
6​

Answer 1

Answer:

Here is your answer

In the long run, any change in average total cost changes price by an equal amount. The message of long-run equilibrium in a competitive market is a profound one. The ultimate beneficiaries of the innovative efforts of firms are consumers. Firms in a perfectly competitive world earn zero profit in the long-run.