Which of the following is true for a perfectly competitive firm in long-run equilibrium?
A) Marginal revenue (MR) = Marginal cost (MC) = Average total cost (ATC)
B) Marginal revenue (MR) = Marginal cost (MC) = Average fixed cost (AFC)
C) Marginal cost (MC) = Average total cost (ATC) = Average fixed cost (AFC)
D) Marginal revenue (MR) = Marginal cost (MC) > Average total cost (ATC)
E) Marginal revenue (MR) = Marginal cost (MC) > Average variable cost (AVC)
Correct Answer:
Verified
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