In reference to the long-run firm competitive equilibrium diagram, which of the following statements is INCORRECT? 
A) In the long run, the firm has no incentive to alter its scale of operations.
B) Because profits must be zero in the long run, the firm's short-run average costs (SAC) must equal P at Qe, which occurs at minimum SAC.
C) In the long run, the firm operates where price, marginal revenue, marginal cost, short-run minimum average cost, and long-run minimum average cost all are equal.
D) In the long run, this firm must be part of a constant-cost industry, because its marginal revenue curve is perfectly elastic.
Correct Answer:
Verified
Q394: In the long run, all firms in
Q395: When a perfectly competitive firm is in
Q396: In the long run, the perfectly competitive
Q397: If a perfectly competitive industry is in
Q398: In the long run, the price for
Q400: For a perfectly competitive firm at its
Q401: Suppose the perfectly competitive equilibrium occurs such
Q402: Economic efficiency means
A) the same as technical
Q403: The value of total output decreases when
Q404: In a long-run perfectly competitive equilibrium
A) P
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