Explanation Pure competition is relatively rare; this leads to a result of low-cost production. In this market, long run equilibrium occurs at the point where the price equals the minimum to the average total cost , and the allocative efficiency through long run equilibrium occurs where the price is equal to the marginal cost...

Pure competition.

EBK MICROECONOMICS

21st Edition

ISBN: 8220103960151

Author: McConnell

Publisher: YUZU

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