The figure given below shows the aggregate demand and supply curves of a perfectly competitive market.Figure 10.7
-At long-run equilibrium of a perfectly competitive firm the following condition holds good: Long Run Average-Total-Cost = Long Run Marginal Cost = Average Revenue = Marginal Revenue = Price.
Definitions:
Actual Notice
A legal term referring to the direct and clear knowledge about a fact or situation.
Orally
Orally means communicated or expressed through spoken words rather than in written form or by any other means of communication.
Expressed Agency
An agency relationship clearly stated in oral or written terms.
Agency
A relationship between two parties in which one party, the agent, is authorized to act on behalf of another party, the principal, in business transactions.
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