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Long-run average cost minimized

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In the long run, a perfectly competitive company should always produce at the production level where the long-run average cost is minimized. Is this statement true? Explain your answer.

-Pindyck, R. andD. Rubinfeld (2001), Microeconomics,5th edition, Pearson-Prentice Hall, Madrid. (Chapter8). Chapter8,"The Maximization of Profits and Competitive Supply"

Reference no: EM132511681

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