In a competitive industry in the long-run, it is likely that

Choose one answer.

a. Firms with the advantage of location or an especially skilled work crew will be the lone survivors in equilibrium
b. All firms giving their best effort will have the same LAC regardless of location or the unique skills of some workers
c. The firms with the poorest location will be the lone survivors in equilibrium because their location cost will be lowest
d. Only one large efficient firm can survive