Explain why the price of a product under perfect competition will be e

1.	Explain why the price of a product under perfect competition will be equal to the lowest point on the long run average cost curve
Answer» $\huge \bold {\pink {\fbox{AnswEr}}}$ 23.6 under perfect competition. ADVERTISEMENTS: If price is lower than OP, the average and marginal revenue CURVE will lie below the average cost curve so that the marginal cost and price will be equal at the POINT where the FIRM is making losses.

Explain why the price of a product under perfect competition will be equal to the lowest point on the long run average cost curve

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$\huge \bold {\pink {\fbox{AnswEr}}}$

23.6 under perfect competition. ADVERTISEMENTS: If price is lower than OP, the average and marginal revenue CURVE will lie below the average cost curve so that the marginal cost and price will be equal at the POINT where the FIRM is making losses.

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Explain why the price of a product under perfect competition will be equal to the lowest point on the long run average cost curve

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