Long-Run Competitive Equilibrium in an Industry Implies That

Multiple Choice

Long-run competitive equilibrium in an industry implies that

A) all firms in the industry are earning positive economic profit.
B) all firms in the industry are producing output at the point where marginal profit equals marginal cost.
C) there is no positive economic profit to attract new entrants.
D) the accounting profit of all firms in a competitive industry is zero.
E) there is negative economic profit,so firms exit.