Multiple Choice
When a perfectly competitive market is in long-run equilibrium,each firm's price equals
A) both marginal cost and average total cost
B) marginal cost,but exceeds average total cost
C) marginal cost,but falls below average total cost
D) average total cost,but exceeds marginal cost
E) average total cost,but falls below marginal cost.
Correct Answer:
Verified
Correct Answer:
Verified
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