In monopolistic competition long-run equilibrium, which of the following statements hold true? 1. Price equals average cost (P = AC)2. Excess capacity exists3. Marginal revenue equals marginal cost (MR = MC)4. Price equals marginal cost (P = MC)

In Chamberlin's monopolistic competition model, which of the following conditions holds true in long-run equilibrium?

Chamberlin's analysis provides detailed insights into the complex dynamics of long-run equilibrium in monopolistic competition. Arrange the following stages of structural assumptions in Chamberlin's Models of Long-Run Equilibrium in their correct chronological progression: A. Strategic setting of prices through non-collusive price competition to gain market share. B. Entry of new firms into the industry, resulting in increased product diversity. C. Simultaneous dynamics of price competition integrated with the condition of free entry. Choose the correct answer from the options given below: