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Steve owns a farm and is part of a perfectly competitive industry that is said to be in long-run equilibrium.

Given what you know of the characteristics of long-run equilibrium in this market structure, which of the following is most likely to be TRUE?


Some firms will join the industry.


Some firms will leave the industry.


Consumers can expect prices to go down.


Firms are earning a return on investment that is just enough to cover their economic costs.


Individual firms are not operating at the minimum points on their average total cost curves.

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