Which of the Following Statements About a Competitive Firm Is

Multiple Choice

Which of the following statements about a competitive firm is correct?

A) To maximize profits, a competitive firm should produce the output level at which total revenue is greatest.
B) In long-run equilibrium, a competitive firm will produce at the point of minimum average costs.
C) A competitive firm will produce in the short run so long as total receipts are sufficient to cover total fixed costs.
D) A competitive firm will close down in the short run whenever price is less than the minimum attainable average total cost.