A Perfectly Competitive Industry Is Said to Be Efficient Because

Multiple Choice

A perfectly competitive industry is said to be efficient because the:

A) marginal cost of production of the last unit of output is minimized in the long run.
B) product is standardized across firms in the industry.
C) average total cost of production of the industry's output is minimized in the long run.
D) market price of the good is equal to economic profit for all firms in the industry.