Answer to Question #100921 in Microeconomics for Usman Tariq

Question #100921
With the aid of diagrams, show the short-run and long-run equilibrium position of a firm in a perfectly competitive market? When a firm doubles its inputs and finds that its output has more than doubled, this is known as?
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Expert's answer
2020-01-03T09:30:33-0500

When a firm doubles its inputs and finds that its output has more than doubled, this is known as Economies of scale


Perfect competition in short run


Perfect competition in Long run


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