Does LRMC =MR for Competition? Does LRMC =MR for Monop. Competition? Does LRMC =

Question

Does LRMC =MR for Competition? Does LRMC =MR for Monop. Competition? Does LRMC =MR for Oligopoly? Does LRMC =MR for Monopoly? Does P=AC for Competition? Does P=AC for Monop. Competition? Does P=AC for Oligopoly? Does P=AC for Monopoly? Is AC minimized for Competition? Is AC minimized for Monop. Compet.? Is AC minimized for Oligopoly? Is AC minimized for Monopoly? Does P = MC for Competition? Does P = MC for Monop. Compet.? Does P = MC for Oligopoly? Does P = MC for Monopoly? Competition Monop. Compet. Oligopoly Monopoly

Explanation / Answer

The long-run equilibrium of a perfectly competitive industry generates six specific equilibrium conditions, including: (1) economic efficiency (P = MC), (2) profit maximization (MR = MC), (3) perfect competition (MR = AR = P), (4) breakeven output (P = AR = ATC), (5) minimum production cost (MC = ATC), and (6) minimum efficient scale (MC = ATC = LRAC = LRMC). PC:- P = AR = MR = MC = LRMC = ATC = LRAC The long-run equilibrium of monopolistically competitive industry generates six specific equilibrium conditions: (1) economic inefficiency (P > MC), (2) profit maximization (MR = MC), (3) market control (P = AR > MR), (4) breakeven output (P = AR = ATC), (5) excess capacity (ATC > MC), and (6) economies of scale (LRAC > LRMC). monopoly:- MR = MC = LRMC P = AR = ATC = LRAC

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