Draw a precise diagram and explain the long-run

equilibrium configuration of a firm in a perfectly

competitive fim. Why is the price aways 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.