Economics · Economics

Under perfect competition in the long run, what is true of a firm's equilibrium?

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1Average cost, price, marginal revenue and marginal cost are all equal.✓
2Only average cost equals average revenue.
3Only marginal revenue equals price.
4Only marginal cost equals marginal revenue.

Correct answer

Average cost, price, marginal revenue and marginal cost are all equal.

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