Long-run analyses of competitive markets predict that prices should fall to the minimum of long-run average costs.

Long-run analyses of competitive markets predict that prices should fall to the minimum of long-run average costs. Briefly discuss the relevance of this prediction for the market for seasonal / festive products. In your answer, consider one or two of the key assumptions motivating the theory of long-run market equilibrium, and assess whether they apply to the case of seasonal / festive products. No graph is needed.

(5 marks)

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