Draw a precise diagram and explain the long-run
equilibrium configuration of a firm in a perfectly
competitive fim. Why is the price always equal to LAC
under long-run equilibrium in this type of market ? (Please
write the answer in your own words-plagiarism will
cost you marks; do NOT upload jpg or png files-upload
your answer in either Word or PDF format.) There is no
specific word limit, but be succinct in your explanation.

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