Long-Run Equilibrium for a Perfectly Competitive Firm Occurs When _____

Multiple Choice

Long-run equilibrium for a perfectly competitive firm occurs when _____

A) price (P) = marginal cost (MC) = short-run average total cost (SRATC) = long-run average cost (LRAC) .
B) marginal cost (MC) = marginal revenue (MR) = average fixed cost (AFC) = short-run average total cost (SRATC) .
C) marginal cost (MC) = marginal revenue (MR) = price (P) > long-run average cost (LRAC) .
D) price (P) = marginal revenue (MR) = long-run average variable cost (LRAVC) = long-run average cost (LRATC) .
E) marginal cost (MC) = marginal revenue (MR) = average fixed cost (AFC) = long-run average cost (LRAC) .