Economics-Perfect Competition.
This query is : Resolved
10 August 2007
Dear Sir,
Can you please explain with the diagram that in the long run under perfect competition,AR=MR=LMC=LAC=SMC=SAC ?
Thanking you in advance,
ARE NARASIMHAM
CPT-ICAI.
Can you please explain with the diagram that in the long run under perfect competition,AR=MR=LMC=LAC=SMC=SAC ?
Thanking you in advance,
ARE NARASIMHAM
CPT-ICAI.
31 October 2007
Basic principle is that in the long run all the firms make normal profits. The profits are maximum at AR=MR and hence this equation. Good Luck.
09 November 2007
very informative and thanks a lot.
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