When the perfectly competitive firm and industry are in long run equilibrium, then
A
P = MR = SAC = LAC
B
D = MR = SMC = LMC
C
P = MR = Lowest point on the LAC curve
D
All of the above
Correct Answer: All of the above
When the perfectly competitive firm and industry are in long run equilibrium, then P = MR = SAC = LAC,D = MR = SMC = LMC and,
P = MR = Lowest point on the LAC curve.