In long-run equilibrium, which of the following is not equal to price for a perfectly competitive firm?
A) Short-run average variable cost.
B) Long-run average total cost.
C) Short-run marginal cost.
D) Short-run average total cost.

Question

Quizplus · Accepted Answer

In long-run equilibrium, price equals long-run average total cost, short-run marginal cost, and short-run average total cost, but not necessarily short-run average variable cost.

In Long-Run Equilibrium, Which of the Following Is Not Equal