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When the Perfectly Competitive Firm but Not the Industry Is

Question 21

Multiple Choice

When the perfectly competitive firm but not the industry is in long-run equilibrium,

A) P = MR = SMC = SAC
B) P = MR = LMC = LAC
C) P = MR = SMC = LMC = SAC =LAC
D) P = MR = SMC = LMC = SAC = lowest point on the LAC curve.

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