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If price is less than the average variable cost of a representative firm in a competitive industry in short-run:
A. there will be exit from the industry immediately.
B. the firms in the industry should shut down and produce no output
C. the firms in the industry are just earning a normal rate of return.
D. the firms should produce a level of output in which marginal cost is equal to price.
E. the industry is in long-run equilibrium.
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