In the long-run equilibrium of a competitive market with identical firms, what is the relationship between price

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In the long-run equilibrium of a competitive market with identical firms, what is the relationship between 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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Principles Of Microeconomics

ISBN: 9781305081673

7th Edition

Authors: N Gregory Mankiw

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Question Posted: Nov 02, 2024 05:01 AM

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In the long-run equilibrium of a competitive market with identical firms, what is the relationship between price

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Principles Of Microeconomics

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