what is long run equilibrium
a perfectly competitive industry has to types of firms operating in long run equilibrium: low-cost and high-cost producers LATC L =100/q+0.5q and lmc l = q for the high cost producers. LATCh= 100q – q and LMCh=2q
- What is the long run equilibrium price?
- How much economic rent does a low cost producer earn?
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