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In: Economics

If a perfectly competitive industry is in long-run equilibrium, then which of the following is true?...

If a perfectly competitive industry is in long-run equilibrium, then which of the following is true?

a)Price equals minimum average cost.

b)Price equals minimum marginal cost

c)Accounting profits for all firms are zero

d)Economic profits for all firms are positive

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Expert Solution

Rahul Sunny answered 2 years ago
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