Which statement is TRUE about perfectly competitive firms in the long run?
A) Price is equal to the maximum point on the SRATC curve.
B) Price is equal to the maximum point on the LRATC curve.
C) Price is equal to the minimum point on both the LRATC and the SRATC curves.
D) Price is equal to the maximum point on both the LRATC and the SRATC curves.
Correct Answer:
Verified
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