In reference to the long-run firm competitive equilibrium diagram, which of the following statements is INCORRECT? 
A) In the long run, the firm has no incentive to alter its scale of operations.
B) Because profits must be zero in the long run, the firm's short-run average costs (SAC) must equal P at
, which occurs at minimum SAC.
C) In the long run, the firm operates where price, marginal revenue, marginal cost, short-run minimum average cost, and long-run minimum average cost all are equal.
D) In the long run, this firm must be part of a constant-cost industry, because its marginal revenue curve is perfectly elastic.
Correct Answer:
Verified
Q390: Q394: In the long run, all firms in Q403: The value of total output decreases when Q404: In a long-run perfectly competitive equilibrium Q405: The opportunity cost to society of producing Q406: Economic efficiency is indicated by Q412: A market failure is a situation in Q413: Perfectly competitive markets are efficient because Q420: When marginal cost pricing occurs Q423: If firms in a perfectly competitive industry![]()
A) P
A) P =
A) they
A) price equals
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