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Various cost curves for a representative competitive firm producing quantity Q1 at price P1 are drawn on the following diagram. What are the two important

Various cost curves for a representative competitive firm producing quantity Q1 at price P1 are drawn on the following diagram. What are the two important characteristics of the long-run equilibrium depicted in the diagram?

$ Costs LRAC MC SRAC P1 Q1 Quantity per period petitive firm is selling its product. The price fo

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