Long-run equilibrium for firms in monopolistically competitive industries is similar to that for firms in perfect competition in that

A) price equals minimum possible average total cost.
B) price equals marginal cost.
C) marginal revenue equals average total cost.
D) price equals average total cost.

Long-run Equilibrium

A state in economics where all factors of production and economic inputs are fully utilized, leading to a steady-state economy with no tendency for change in the absence of external shocks.

Average Total Cost

The total cost of production (fixed plus variable costs) divided by the number of units produced, indicating the cost per unit of output.

Marginal Cost

The cost of producing one additional unit of a good or service, which can influence production decisions.