What is true of a firm's production if it operates in a perfectly competitive market in long-run equilibrium?  Marginal revenue = demand = marginal cost > average total cost Marginal revenue = marginal cost = average fixed cost Average total cost = price = average variable cost Marginal cost < Marginal revenue Price = marginal cost = average total cost

Principles of Economics, 7th Edition (MindTap Course List)
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ISBN:9781285165875
Author:N. Gregory Mankiw
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Chapter14: Firms In Competitive Markets
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What is true of a firm's production if it operates in a perfectly competitive market in long-run equilibrium? 
Marginal revenue = demand = marginal cost > average total cost
Marginal revenue = marginal cost = average fixed cost
Average total cost = price = average variable cost
Marginal cost < Marginal revenue
Price = marginal cost = average total cost
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