Long-Run Equilibrium in Competitive Markets Implies That P = MC

question 87

True/False

Long-run equilibrium in competitive markets implies that P = MC = AC.

---

Definitions:

Inform

entails providing data or knowledge to someone, often to make them aware of something or to help them understand it better.

Persuade

The act of convincing someone to do or believe something through reasoning or argument.

Remind

The act of prompting or triggering someone's memory about something, often used in advertising to reinforce brand awareness.

Identifying Target Audience

The process of defining the group of potential customers for whom a product or service is intended.