In a constant-cost industry, price always equals:

A) LRMC and minimum LRAC.
B) LRMC and LRAC, but not necessarily minimum LRAC.
C) minimum LRAC, but not LRMC.
D) LRAC and minimum LRMC.
E) minimum LRAC and minimum LRMC.

Constant-cost Industry

An industry where input prices do not change as industry output changes, resulting in a horizontal supply curve.

LRMC

Long-Run Marginal Cost, which is the additional cost of producing one more unit of output when all inputs, including capital, are variable.

LRAC

Long-Run Average Cost, a curve that shows the lowest possible average cost of production, allowing all factors of production to vary.