In Long-Run Equilibrium in Perfect Competition

Multiple Choice

In long-run equilibrium in perfect competition:

A) price is greater than average total cost.
B) price is equal to average total cost at an output less than the output at which average total cost is minimized.
C) price is equal to average total cost at its minimum.
D) price is equal to average total cost at an output greater than the output at which average total cost is minimized.