Which of the following is NOT correct for a perfectly competitive firm in long-run equilibrium?

Question

Quizplus · Accepted Answer

In long-run equilibrium for a perfectly competitive firm, the marginal cost (MC) equals the market price (P), which is also equal to the average revenue (AR) and the marginal revenue (MR). Additionally, the firm operates where these equalities meet the lowest point of the long-run average cost (LAC) curve, implying MC = MR = P = LAC, not MC = MR > LAC as stated in option C.

Which of the Following Is NOT Correct for a Perfectly