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Why the perfectly competitive firm at long-run equilibrium

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Reference no: EM131974103

  1. Why does the assumption of profit maximization imply that the firm will produce each output with a basket of inputs that minimizes cost? 
  2. Explain why the perfectly competitive firm at long-run equilibrium produces an output for which long- run average cost is minimized. Is this output profit maximizing? Why or why not?

Reference no: EM131974103

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