In a perfectly competitive market, the firm is in long-run equilibrium at the output where?

Economics

JAMB 1991

A. marginal cost is minimum
B. average cost is minimum
C. total cost is minimum
D. marginal cost revenue is maximum

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Correct Answer: Option B

Explanation

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In a perfectly competitive market, the firm is in long-run equilibrium at the output where?

Correct Answer: Option B

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