15. Markets Around Us
235299
When a perfectly competitive industry is in long-run equilibrium, all firms in the industry:
1 Earn zero economic profits.
2 Produce a level of output where short-run marginal cost is equal to short-run average total cost.
3 Produce a level of output where long-run marginal cost is equal to long-run average cost.
4 All of the above are correct.
Explanation:
All of the above are correct.