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35. mc= mr=ar ac, this will happen (1) in the short run under perfect competition (2) in the short run under monopolistic competition (3) in tse long run under
35. MC= MR=AR AC, this will happen (1) In the short run under perfect competition (2) In the short run under monopolistic competition (3) In tse long run under perfect competition (4) In the long run under monopolistic competition
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Nidhi taparia Best Answer
The right answer is (3). In the long run, a perfectly competitive market has equilibrium situation as - MR = MC = AR = AC Whenever MR = AR, it is perfect competition straightaway. But in the short run, firms can make profits or losses even in perfect competition. In the long run, loss making firms exit the market and more firms seeking profits enter. Hence profits disappear and ultimately AR = AC.