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.
1 Know that a good GRE score is the highest score you can achieve after a reasonable amount of prep time (about 100 hours over roughly two to three months). 2  Take a diagnostic test as you begin your studies. You want a score that places you in the 50thâ99th percentile range (higher is better, of course). 2  That means that your goal score should be somewhere between 151 and 170 on both portions of the test.