In the long-run equilibrium of a competitive market with identical firms, what are the relationships among price
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In the long-run equilibrium of a competitive market with identical firms, what are the relationships among price P, marginal cost MC, and average total cost ATC?
a. P > MC and P > ATC.
b. P > MC and P = ATC.
c. P = MC and P > ATC.
d. P = MC and P = ATC.
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