Question

In a perfectly competitive market, a firm operating in the long run is forced by competition to adjust its scale of operation:______.

Answer 1

A company that operates over the long term in a perfectly competitive market is compelled by competition to change its scale of operation until average cost is minimized.

More about perfectly competitive market:

In a market structure known as perfect competition, numerous businesses sell comparable goods while making almost little profit because of the intense competition.

A market that is perfectly competitive is one in which all enterprises sell the same good and where there are no barriers to entry or leave. The existence of several enterprises and the homogeneity and uniformity of the products are essential elements of perfect competition.

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