Question

3. In the long run equilibrium of a competitive market, firms operate at
a) The intersection of the marginal cost and marginal revenue
b) Their efficient scale
c) zero economic profit
d) All of the above​

Answer 1

Explanation:

In the long run, a competitive firm operates at MC = MR, on the minimum of the LAC and earn zero economic profit, i.e, operate at normal profit levels.

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