In long-run equilibrium in perfect competition,marginal cost is:

A) greater than price.
B) equal to price.
C) less than price.
D) related to price but not in a predictable way.

Perfect Competition

A market structure characterized by a large number of small firms, a homogeneous product, perfect information, and free entry and exit, leading to price-taking behavior.

Long-Run Equilibrium

A state in which all firms in a market are earning normal profits, and there is no incentive for firms to enter or exit the market.

Marginal Cost

Marginal cost is the additional cost incurred by producing one additional unit of a good or service.