When the perfectly competitive firm and industry are both in longrun equilibrium

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Question:

When the perfectly competitive firm and industry are both in longrun 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.