Refer to the Diagrams, Which Pertain to a Purely Competitive

Multiple Choice

Refer to the diagrams, which pertain to a purely competitive firm producing output q and the industry in which it operates. Which of the following is correct?

A) The diagrams portray neither long-run nor short-run equilibrium.
B) The diagrams portray both long-run and short-run equilibrium.
C) The diagrams portray short-run equilibrium but not long-run equilibrium.
D) The diagrams portray long-run equilibrium but not short-run equilibrium.