In the Long Run, All Firms in a Perfectly Competitive

question 29

Multiple Choice

In the long run, all firms in a perfectly competitive industry will operate at the point where:

• A)marginal cost is minimized.
• B)social welfare is compromised by overextended resources.
• C)marginal cost equals average fixed costs.
• D)marginal cost equals average total cost.
• E)none of the above.

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