Arrange the following steps for a firm to achieve equilibrium in a perfectly competitive market:
A) Set the marginal cost equal to marginal revenue to determine the quantity produced.
B) Compare total revenue and total cost to check if the firm is making a profit or loss.
C) Adjust the quantity of inputs to produce at the minimum point of average cost in the long run.
D) Analyze the market price to ensure it aligns with the firm’s output level.
1
A B C D
2
A C B D
3
A B C D
4
A D B C