andrejreed7463 andrejreed7463
  • 21-08-2020
  • Business
contestada

"a perfectly competitive market. The firm will stay in the market in the long run only if the market price is greater than or equal to"

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sadddamkashmiri801
sadddamkashmiri801 sadddamkashmiri801
  • 23-08-2020

Answer:

$10 for 200 units which means $0.05 per unit.

Explanation:

The firm will only survive in a perfectly competitive market if its average cost is at minimum level which we can see in the figure. The lowest average cost is $10 for 200 units which means average cost per unit is $0.05 per unit. At this stage the company will be able to produce higher profits because its average cost per unit is at minimum level.

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