In Long-Run Competitive Equilibrium P = SRATC, Because If P

Multiple Choice

In long-run competitive equilibrium P = SRATC, because if P > SRATC

A) losses in the industry would cause some existing firms to exit the industry.
B) positive economic profit would attract firms to the industry in order to obtain the profits.
C) firms would not be producing the quantity of output at which MR = MC.
D) firms would not be covering total fixed costs.
E) none of the above