Each firm in a perfectly competitive market is a price taker and can sell all of the output that it wants at the going market price, in this case $2.50. A firm is able to do this because it is a relatively small part of the market and its output is identical to that of every other firm.s such, the marginal cost curve is not the supply curve for the firm.Long-Run ProductionIn the long run, with all inputs variable, a perfectly competitive industry reaches equilibrium at the output that achieves the minimum efficient scale, that is, the minimum of the long run average cost curve.
The GRE is the abbreviation for a test entitled Graduate Record Examination.. Graduate Record Examination is a test required for most graduate level applications (for example, for Masters/Ph.D. programs) in fields other than business, law, and medicine. It measures general verbal, mathematical, and analytical skills.
Some schools may also require you to take one or more GRE Subject Tests. The purpose of each GRE examination, of course, is to help graduate schools decide if you've got the right stuff for their program. If you're looking for help with the exam, check out Peterson's full-length GRE practice test.