If, in Long Run Equilibrium, the Competitive Price of Some

question 77

Multiple Choice

If, in long run equilibrium, the competitive price of some good is $16.67, then, for each and every firm in the industry,

• A)marginal cost > average cost = $16.67.
• B)marginal cost < average cost = $16.67.
• C)$16.67 = marginal cost = average cost.
• D)$16.67 = marginal cost > average cost.
• E)$16.67 = marginal cost < average cost.

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