In particular, a perfectly competitive firm's marginal cost curve is also its supply curve.This conclusion, however, only applies to perfect competition. Firms operating in market structures that do not equate price and marginal cost, but rather equate marginal revenue and marginal cost.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.
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