The diagram shows the average total cost curve for a purely competitive firm. The long-run equilibrium level of output is $20 ATC 15 10 5 0 10 20 60 70 80 30 40 50 Quantity 60 units 40 units 50 units 30 units Under pure competition, in the long run A. allocative efficiency is achieved, but productive efficiency is not. both allocative efficiency and productive efficiency are achieved. C. productive efficiency is achieved, but allocative efficiency is not D. neither allocative efficiency nor productive efficiency is achieved. In a purely competitive industry, A) there may be economic profits in the long run but not in the short run. B) there may be economic profits in the short run but not in the long run. C) there will be no economic profits in either the short run or the long run. D) economic profits may persist in the long run if consumer demand is strong and stable