Question:

A monopolized market is in long-run equilibrium when

A.

zero economic profit is earned by the monopolist

B.

production takes place where price is equal to long-run marginal cost and long-run average cost

C.

production takes place where long-run marginal cost is equal to marginal revenue and price is not below long-run average cost

D.

All of the above are correct

Answer» c. production takes place where long-run marginal cost is equal to marginal revenue and price is not below long-run average cost