Price Equals the Minimum of Long-Run Average Cost

question 399

Multiple Choice

Price equals the minimum of long-run average cost

• A) in a long-run equilibrium.
• B) in a short-run equilibrium as well as in a long-run equilibrium.
• C) whenever average revenue equals marginal cost.
• D) along a horizontal long-run supply curve, but not along an upward sloping long-run supply curve.

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