Q282
When the perfectly competitive firm and industry are in long run equilibrium, then
A.
P = MR = SAC = LAC
B.
D = MR = SMC = LMC
C.
P = MR = Lowest point on the LAC curve
D.
All of the above
AnswerAnswer: Option D
Solution
Answer: Option D
Solution:
When the perfectly competitive firm and industry are in long run equilibrium, then P = MR = SAC = LAC, D = MR = SMC = LMC and,
P = MR = Lowest point on the LAC curve.