Consider the Merlin example from today's lecture which is about a competitive market where firms have different cost functions. Which of the following statements is true for the long run equilibrium in this market? This google forms question will be graded. You must choose all correct answers and none of the incorrect answers below to get full marks. * For all firms p = MC. For all firms p = AC. For some firms p > AC. For some firms p > MC. For some firms p < MC.

Please add any remarks/explanations/comments to your answers to the above question.