Consider a Perfectly Competitive Firm When Its Industry Is in Long-Run

Multiple Choice

Consider a perfectly competitive firm when its industry is in long-run equilibrium.In this case,

A) price is greater than marginal cost.
B) marginal revenue is greater than marginal cost.
C) price equals minimum short-run and long-run average total cost.
D) economic profits are greater than zero.
E) average fixed costs are at the maximum.