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Given fierce competition, oligopolists will produce output at the point where:
A) price equals variable cost.
B) marginal revenue equals demand.
C) long-run average total cost equals marginal revenue.
D) long-run average total cost equals price.
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The correct answer was D) long-run average total cost equals price.
Given fierce competition, oligopolists will produce output at the point where long-run average total cost equals demand. At this point, economic profit is zero