Competitive firm price equal marginal cost in short run

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Reference no: EM131202030

Please answer the below question 2 paragraphs at least. Please provide references. Do not submit a copy pasted work from online.

1. Does a competitive firm’s price equal its marginal cost in the short run, in the long run, or both? Provide specific examples to support your answers. Does a competitive firm’s price equal the minimum of the average total cost in the short run, in the long run, or both?

Reference no: EM131202030

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