Which of the Following Statements About a Firm in Long-Run

question 12

Multiple Choice

Which of the following statements about a firm in long-run equilibrium is true?

• A) P = MC for firms in both monopolistic competition and perfect competition.
• B) MR > P for a firm in monopolistic competition, and P = ATC for a firm in perfect competition.
• C) P > MC for a firm in monopolistic competition, and P = ATC for a firm in perfect competition.
• D) P = MC for a firm in perfect competition, and P < ATC for a firm in monopolistic competition.
• E) Both answers A and B are correct.

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