Which of the following is most accurate for a price-taker firm in long-run equilibrium when there are no barriers to entry? A. P = MC = ATC = MR. B. P = AVC = MR. C. TC = TR = MC.
For a price-taker firm, long-run equilibrium is where P = MC = ATC. For price taking firms, P = MC. Competition eliminates economic profits in the long run so that P = ATC.
