When a monopolistically competitive firm is in long-run equilibrium: select one: a. production takes place where atc is minimized. b. marginal revenue equals marginal cost and price equals average total cost. c. normal profit is zero and price equals marginal cost. d. economic profit is zero and price equals marginal cost?

Suppose that the firm cherryblossom has an orchard they are willing to sell today. the net annual returns to the orchard are expected to be $50,000 per year for the next 20 years. at the end of 20 years, it is expected the land will sell for $30,000. calculate the market value of the orchard if the market rate of return on comparable investments is 16%.