Long run equilibrium under mono plastic competition is similar to that under per

Question

Long run equilibrium under mono plastic competition is similar to that under perfect competition in that?
Firms produce at the minimum point of their average cost curve Price equals marginal cost Firms earn nominal profit Price equals marginal revenue Long run equilibrium under mono plastic competition is similar to that under perfect competition in that?
Firms produce at the minimum point of their average cost curve Price equals marginal cost Firms earn nominal profit Price equals marginal revenue
Firms produce at the minimum point of their average cost curve Price equals marginal cost Firms earn nominal profit Price equals marginal revenue

Explanation / Answer

Answer: Long run equilibrium condition in perfect competition as well as monopolistic competition is same Where the firm is produced at the minimum point of the average total cost curve. It is the point where where the firm has minimum average total cost is exactly equal to the price of the product . These long run equilibrium exist both in perfect competition as well as monopolistic competition.

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