Question

When the perfectly competitive firm and industry are both in long run equilibrium ___________.

• A. P=MR=SAC=LAC
• B. D=MR=SMC=LMC
• C. P=MR=Lowest point on the LAC curve
• D. all of the above

Answer 1

The correct option is D all of the above

Efficient allocation of resources is likely to be achieved under perfect competition market form. When the perfectly competitive firm and industry are both in long run equilibrium, following things are observed:a)P=MR=SAC=LACb) D=MR=SMC=LMC

c) P=MR=Lowest point on the LAC curve