Which of the following is true in the long run in perfect competition?
A.
\(P=\mathrm{MR}=\mathrm{MC}=\mathrm{ATC}\)
B.
\(P=\mathrm{MR}=\mathrm{MC}> \mathrm{ATC}\)
C.
\(P> \mathrm{MR}=\mathrm{MC}=\mathrm{ATC}\)
D.
\(P=\mathrm{MR}> \mathrm{MC}=\mathrm{ATC}\)
E.
\(P> \mathrm{MR}=\mathrm{MC}> \mathrm{ATC}\)
Exam No： AP Micro Practice Test 4 Year：2024 Question No：27
Answer:
A
Knowledge points:
3.5 Profit Maximization
3.6 Firms’ Short-Run Decisions to Produce and Long-Run Decisions to Enter or Exit a Market
3.7 Perfect Competition
Solution:
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