Equilibrium of the Firm · Explain the term Equilibrium of the Firm. · State the conditions which are 1 answer below »

Equilibrium of the Firm

· Explain the term Equilibrium of the Firm.

· State the conditions which are essential for the existence of Perfect Competition in a market.

· Explain by means of a diagram how price and output are determined in the long-run for a firm operating under conditions of Perfect Competition.

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