In Long-Run Equilibrium, the Perfectly Competitive Firm Produces

question 19

Multiple Choice

In long-run equilibrium, the perfectly competitive firm produces

• A)where P = MC = AC.
• B)at the lowest point on its long-run average cost curve.
• C)where its long-run average cost curve is tangent to its horizontal demand curve.
• D)All of the responses are correct.

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