Price-taker firm and a competitive price-searcher firm
Which of the following is a true statement about the difference between a price-taker firm and a competitive price-searcher firm in the long run?
A) Both will sell their products at a price equal to average total cost, but only the price taker will produce at minimum average total cost.
B) Both will sell their products at a price equal to average total cost, but only the competitive price searcher will produce at minimum average total cost.
C) Only the price taker will sell its product at a price equal to average total cost.
D) Only the competitive price searcher will sell its product at a price equal to average total cost.