In the long-run equilibrium in a perfectly competitive market,: a . the firms make an economic profit . b. the firms' owners make a normal profit . C. the average total cost is maximized . d . marginal cost is at a minimum

In the long-run equilibrium in a perfectly competitive market,: a . the firms make an economic profit . b. the firms' owners make a normal profit . C. the average total cost is maximized . d . marginal cost is at a minimum

Principles of Economics, 7th Edition (MindTap Course List)

7th Edition

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter14: Firms In Competitive Markets

Section14.3: The Supply Curve In A Competitive Market

Problem 3QQ

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Definition Definition Total cost of producing a certain quantity of a good, divided by the quantity produced. It is the sum of all costs (fixed and variable) required to produce one unit of output.

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