Consider the following statement of equalities: P = MC = minimum SRATC = minimum LRAC.This statement of equalities best applies to which of the following?
A) a perfectly competitive firm that is maximizing profits,which will lead other firms to enter this industry
B) a perfectly competitive firm when the industry is in long-run equilibrium
C) a perfectly competitive firm that is producing the optimal quantity,such that other firms will exit the industry
D) a perfectly competitive industry that is in long-run equilibrium
E) a perfectly competitive industry that is in short-run equilibrium
Correct Answer:
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