Perfect Competition and Monopoly Questions
Hello!
I can't get these answers right
Q1. In the long run equilibrium the firm produces at the _________ possible average total cost and the price equals the __________ possible average total cost.
A. highest; lowest
B. lowest; highest
C. lowest; lowest
D. highest; highest
Kindly explain why, as I am getting really confused. Thank you very much!
I can't get these answers right
Q1. In the long run equilibrium the firm produces at the _________ possible average total cost and the price equals the __________ possible average total cost.
A. highest; lowest
B. lowest; highest
C. lowest; lowest
D. highest; highest
Kindly explain why, as I am getting really confused. Thank you very much!
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