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9) When a perfectly competitive market is in long-run equilibrium, price is equal to marginal cost, the individual firm is operating at the minimum of
9) When a perfectly competitive market is in long-run equilibrium, price is equal to marginal cost, the individual firm is operating at the minimum of its short-run and long-run average cost curves, and economic profit equals zero.
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10) When the percentage change in quantity supplied is greater than the percentage change in price, supply is said to be elastic.
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Negative Interest Rates And Financial Stability Lessons In Systemic Risk
Authors: Karol Rogowicz, Malgorzata Iwanicz Drozdowska
1st Edition
1032319496, 1000787826, 9781032319490, 9781000787825
