In a Long-Run Perfectly Competitive Equilibrium $P = A C , \text { where } P$

question 53

True/False

In a long-run perfectly competitive equilibrium, $P = A C , \text { where } P$ is market price and AC is the average cost of a firm.

---

Definitions:

Integrated Involvement

The comprehensive engagement and participation of individuals in various aspects of a system, process, or activity.

Social Isolation

A state where an individual lacks a sense of social belonging, engagement with others, and fulfilling relationships.

Knowledge-Based Processes

Operations or activities that heavily rely on specialized knowledge or expertise to achieve specific outcomes.

Contextual Factors

The various external elements that can influence the performance and operations of an organization, including cultural, social, political, and economic conditions.