Questions tagged [perfect-competition]

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Is the minimum of short run average cost equal to the minimum of long run average cost?

I understand that for perfect competition, the price is equal to minimum short and long run average cost in the long run as there cannot be any supernormal profits. Does this mean that the short run ...
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Does the minimum of short-run average cost equal the minimum of long-run average cost in the long run for perfect competition?

I was recently reading this resource (http://www2.econ.iastate.edu/classes/econ101/hallam/Comp_LongRun_HND.pdf) which states that in the long run for perfect competition, price is equal to both the ...