Distinct from any other market structure, the firm in long-run perfect competition ends up producing where A) P = MR = MC = ATC, and AFC = 0 B) P MR = MC = ATC, and AFC = 0 C) P MC, where MC = (AFC + AVC)

Question

Distinct from any other market structure, the firm in long-run perfect competition ends up producing where A) P = MR = MC = ATC, and AFC = 0 B) P > MR = MC = ATC, and AFC = 0 C) P < MR = MC < ATC, where ATC = (AFC + AVC + MC) D) P = MR = MC = ATC, where ATC = (AFC + AVC) E) P > MR and ATC > MC, where MC = (AFC + AVC)

Quizplus · Accepted Answer

The Answer of Distinct from any other market structure, the firm in long-run perfect competition ends up producing where A) P = MR = MC = ATC, and AFC = 0 B) P > MR = MC = ATC, and AFC = 0 C) P < MR = MC < ATC, where ATC = (AFC + AVC + MC) D) P = MR = MC = ATC, where ATC = (AFC + AVC) E) P > MR and ATC > MC, where MC = (AFC + AVC)

Distinct from Any Other Market Structure, the Firm in Long-Run