Which of the following conditions are true when an average, or representative, firm in a purely competitive industry is in long-run equilibrium? Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s), click the box once to place a check mark. For incorrect answer(s), click the option twice to empty the box. check all that apply P equals MC equals lowest ATC.unanswered P equals minimum ATC.unanswered The AFC curve is horizontal.unanswered The firm is earning an economic profit