28. When a purely competitive industry is in long-run equilibrium, which statement is true? A. average...

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28. When a purely competitive industry is in long-run equilibrium, which statement is true? A. average total cost is less than marginal cost B. price and average total cost are equal C. marginal cost is at its maximum level. D. marginal revenue is greater than price. 29. Productive efficiency refers to: A. cost minimization, where P-minimum ATC B. production, where P=MC C. maximizing profits by producing where MR-MC D. market setting where TC=TR 30. The long-run equilibrium of a purely competitive industry ensures A. consumer and producer surplus is maximized. B. consumer and producer surplus are equalized. C. only producer surplus is maximized. D. only consumer surplus is maximized. 21 Cummann that Widant Cam in a seminal fimm tion in a anfaatler matitin madent 28. When a purely competitive industry is in long-run equilibrium, which statement is true? A. average total cost is less than marginal cost B. price and average total cost are equal C. marginal cost is at its maximum level. D. marginal revenue is greater than price. 29. Productive efficiency refers to: A. cost minimization, where P-minimum ATC B. production, where P=MC C. maximizing profits by producing where MR-MC D. market setting where TC=TR 30. The long-run equilibrium of a purely competitive industry ensures A. consumer and producer surplus is maximized. B. consumer and producer surplus are equalized. C. only producer surplus is maximized. D. only consumer surplus is maximized. 21 Cummann that Widant Cam in a seminal fimm tion in a anfaatler matitin madent

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