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Which of the following is (are) true for a monopolistically competitive firm in the long-run?

I. $MR = MC$
II. $P = MC$
III. $P = \text{Minimum ATC}$
IV. $P = ATC$

A

I only

B

I and II

C

I, II, and III

D

I and IV

E

I, II, III and IV

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