Consider the Following Cost Curves for Firm X,a Perfectly Competitive

Multiple Choice

Consider the following cost curves for Firm X,a perfectly competitive firm. FIGURE 9-5
-Refer to Figure 9-5.At output Q₂ and price P₂,which of the following is FALSE?

A) There are economic profits to attract new entrants.
B) The firm producing Q₂ is at its long-run profit-maximizing position.
C) P = MC = SRATC = LRAC.
D) There are no unexploited internal economies of scale.
E) Firm X is producing at its minimum efficient scale.