When a purely competitive firm is in long-run equilibrium

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Reference no: EM13984960

When a purely competitive firm is in long-run equilibrium, price is equal to:

Marginal cost, but may be greater or less than average cost

Minimum average cost, and also to marginal cost

Minimum average cost, but may be greater or less than marginal cost

Marginal revenue, but may be greater or less than both average and marginal cost

Reference no: EM13984960

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