Firms in a Perfectly Competitive Industry Are in Long-Run Equilibrium

Firms in a perfectly competitive industry are in long-run equilibrium.A new technology becomes available that lowers production costs.Choose the statement that is incorrect.

A) The first firms to use the new technology make an economic profit.
B) As more firms begin to use the new technology,market supply increases.
C) Firms that use the old technology incur economic losses.
D) Old technology firms exit the market.
E) In the long run,price is equal to average variable cost.