Which of the following characterizations is false?
A. Perfectly competitive firms exit the industry in the long run if they would otherwise earn negative profits, while monopolies never exit an industry because, being the only firm, they can always earn positive profit.
B. Total economic surplus is maximized under perfect competition, while producer surplus is maximized under monopoly.
C. In perfectly competitive industries, price equals the marginal cost of production. In monopolistic industries, price is greater than the marginal cost of production.
D. Perfect competition is efficient, and monopoly is inefficient.
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