Assume that a firm is in a perfectly competitive market in long-run equilibrium. a - What happens to its consumer surplus, and producer surplus? b-Can they be increased? c - What are ways of reducing the firm's costs further?

Assume that a firm is in a perfectly competitive market in long-run equilibrium. a - What happens to its consumer surplus, and producer surplus? b-Can they be increased? c - What are ways of reducing the firm's costs further?

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter9: Perfect Competition

Section9.3: Perfect Competition In The Long Run

Problem 3ST

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Assume that a firm is in a perfectly competitive market in long-run equilibrium. a - What happens to its consumer
surplus, and producer surplus? b-Can they be increased? c - What are ways of reducing the firm's costs further?

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