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Question

What are the conditions for the long-run equilibrium of the competitive market?

[1 mark]

A
LMC = LAC = P
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B
SMC = SAC = LMC
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C
P = MR
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D
P = AVC
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Solution

The correct option is A LMC = LAC = P
Producer’s equilibrium is the stage where the producer gets the maximum profit at the minimum cost. It is derived when price or AR = LAC = LMC

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