281. CSO: 2C3f LOS: 2C3f At the long-run profit maximizing equilibrium of a firm in a perfectly competitive market, all of the following are correct except that a. price equals marginal cost. b. price equals average total cost. c. economic profits are positive. d. marginal cost equals marginal revenue.

2C3F AT THE LONG-RUN PROFIT MAXIMIZING EQUILIBRIUM OF A FIRM IN A PER...

CMA EXAM SUPPORT PACKAGE 2

281.

CSO: 2C3f

LOS: 2C3f

At the long-run profit maximizing equilibrium of a firm in a perfectly competitive

market, all of the following are correct except that

price equals marginal cost.

price equals average total cost.

economic profits are positive.

marginal cost equals marginal revenue.