Suppose for some firm that average total cost is minimized at Q₁ units of output. For a monopolistically competitive firm in long-run equilibrium, Q₁ A)is also the level of output at which marginal cost equals average total cost. B)exceeds the level of output at which there is a point of tangency between the demand curve and the average total cost curve. C)exceeds the level of output at which marginal revenue equals marginal cost. D)All of the above are correct.

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The Answer of Suppose for some firm that average total cost is minimized at Q₁ units of output. For a monopolistically competitive firm in long-run equilibrium, Q₁ A)is also the level of output at which marginal cost equals average total cost. B)exceeds the level of output at which there is a point of tangency between the demand curve and the average total cost curve. C)exceeds the level of output at which marginal revenue equals marginal cost. D)All of the above are correct.

Suppose for Some Firm That Average Total Cost Is Minimized