JAMB - Economics (2000 - No. 13)
The short-run equilibrium in a perfectly competitive market requires that?
marginal cost be equal to total revenue
marginal cost and marginal revenue be equal
costs are mutually determined by buyers and sellers
the marginal cost curve cuts the total cost curve
Paaiškinimas
In the short run, equilibrium will be affected by demand.
A short run competitive equilibrium is a situation in which, the price is such that total the amount the firms wish to supply is equal to the total amount the consumers wish to demand