Which of the followings conditions prevail in the long run equilibrium of industry for achieving optimal resource allocation
(A) The output is produced at the minimum feasible cost
(B) consumer pays the minimum possible price which just covers the marginal cost of the product
(C) Plants are used at full capacity in long run
(D) Firms earn supernormal profits
(E) Perfect competitive firms and price mechanism operates
Choose the correct answer from the options given below:
1
(C), (D) and (E) only
2
(B), (D) and (E) only
3
(A), (B) and (E) only
4
All (A), (B), (C), and (E)