Economy, asked by fulwadiamegha, 7 months ago

determination of long run equilibrium of the firm ​

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Answered by neelimaranjan934
0

Condition for Long Run Equilibrium of a Firm

For a firm to achieve long run equilibrium, the marginal cost must be equal to the price and the long run average cost. That is, LMC = LAC = P. The firm adjusts the size of its plant to produce a level of output at which the LAC is minimum.

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