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

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Question:

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

A.

P = MR = SMC = LMC

B.

P = MR = SAC = LAC \\

C.

P = MR = lowest point on the LAC curve

D.

all of the above.

Answer» d. all of the above.

Note: The above multiple-choice question is for all general and Competitive Exams in India.