If a monopolistically competitive firm is in long-run equilibrium,price:

A) equals average total cost.
B) equals marginal cost.
C) equals marginal revenue.
D) is greater than average total cost.

Long-Run Equilibrium

A state in a market where all factors of production and costs are variable, leading to no economic profit for firms in perfect competition.

Monopolistically Competitive

A market structure characterized by many firms offering products that are similar but not identical, allowing for some degree of market power.

Average Total Cost

Total cost divided by quantity of output produced. Also referred to as average cost.