Answer: **Question:**Which of the following conditions is true for a purely competitive firm in long-run equilibrium?\(P>M C>\) minimum ATC.\(P>M C=\) minimum \(A T C\).\(P=M C=\) minimum \(A T C\)\(PM C>\) minimum ATC:In long-run equilibrium, a purely competitive firm operates where price (P) equals marginal cost (MC) and both are equal to minimum average total cost (ATC). However, if \(P > MC\), it implies that the firm can increase its profit by producing more units until \(P = MC\). Hence, this condition doesn't hold true for long-run equilibrium.B. \(P>M C=\) minimum \(A T C\):Again, in long-run equilibrium, \(P = MC =\) minimum ATC. If \(P > MC\), it suggests the same profit-increasing opportunity as mentioned earlier. Therefore, this option is incorrect.C. \(P=M C=\) minimum \(A T C\):This is the condition for long-run equilibrium in a purely competitive firm. At this point, the firm maximizes its profit by producing where price equals marginal cost, which also equals minimum average total cost. Therefore, this is the accurate condition for long-run equilibrium.D. \(P
