MC Qu. 13-100 (Algo) Answer the question on the basis...

Answer the question on the basis of the following demand and cost data for a specific firm.

Demand Data	Cost Data
(1) Price	(2) Price	(3) Quantity	Output	Total Cost
$ 10.50	$ 10.00	6	6	$ 61
10.00	8.85	7	7	62
9.50	8.00	8	8	64
9.00	7.00	9	9	67
8.50	6.10	10	10	72
8.00	5.00	11	11	79
7.50	4.15	12	12	86

With the demand schedule shown by columns (2) and (3), in long-run equilibrium

Multiple Choice

• price will equal marginal revenue.
• price will equal average total cost.
• total cost will exceed total revenue.
• marginal cost will exceed price.