Which statements is TRUE for a perfectly competitive firm that is in long-run equilibrium?
A) It is producing at the minimum point of its marginal cost curve.
B) It is producing at the minimum point of its LRATC curve but not its SRATC curve.
C) It is producing at the point where MR exceeds LRATC.
D) It is producing at the minimum point of both its LRATC and SRATC curves.
Correct Answer:
Verified
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