What is always true about the short-run equilibrium position for a firm in perfect competition?

Question

Quizplus · Accepted Answer

In perfect competition, a firm determines its profit-maximizing level of output where marginal revenue (MR) equals marginal cost (MC). At this output level, price (P) also equals both MR and MC. Since the firm is a price taker, it sells its output at the market price, which is equivalent to the average revenue (AR). Therefore, in the short run, the equilibrium position for a firm in perfect competition is where MR = MC = P = AR.

What Is Always True About the Short-Run Equilibrium Position for a Firm