APFIVE Perfect Competition Long-Run Equilibrium
Which of the following is true in the long-run equilibrium of a perfectly competitive market?
In the long-run equilibrium of a perfectly competitive market, firms adjust their output such that they earn just enough to cover all their costs, including opportunity costs.
A
Firms earn zero economic profit.
B
Firms incur losses.
C
Firms set prices above marginal cost.
D
Firms earn positive economic profit.
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