Business economics fybcom sem 2 pdf

As explained above, a firm is in equilibrium under perfect competition when marginal cost is equal to price i.e.
MC = P.
But for the firm to be in long-run equilibrium, besides marginal cost being equal to price, the price must also be equal to average cost (P = MC).

FYBCOM acts as a foundation for students before they go on to further studies

Therefore, it is recommended that students follow the syllabus prescribed by the University and prepare for the examinations by thoroughly going through the official textbooks recommended by the University