Solved: Draw a precise diagram and explain the long-run equilibrium, Microeconomics

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Draw a precise diagram and explain the long-run equilibrium

Problem

Draw a precise diagram and explain the long-run equilibrium configuration of a firm in a perfectly competitive firm. Why is the price always equal to LAC under long-run equilibrium in this type of market? There is no specific word limit, but be succinct in your explanation.

The response must include a reference list. One-inch margins, double-space, Using Times New Roman 12 pnt font and APA style of writing and citations.

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Microeconomics: Draw a precise diagram and explain the long-run equilibrium

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Microeconomics: Draw a precise diagram and explain the long-run equilibrium

Reference No:- TGS03147856

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