In long-run equilibrium in perfect competition,price is:

A) greater than average total cost.
B) equal to average total cost at an output below the point where average total cost is minimized.
C) equal to average total cost at its minimum.
D) equal to average total cost at an output above the point where average total cost is minimized.

Long-Run Equilibrium

A state in which all factors of production and costs are variable, and economic agents have fully adjusted to any economic changes.

Perfect Competition

A market structure characterized by a large number of buyers and sellers, freely entering or exiting the market, selling identical products.

Average Total Cost

The total cost of production divided by the quantity produced, encompassing both fixed and variable costs.