g Suppose, at a given point in time, Lena's Lentil Loft sells lentils in a perfectly competitive market and is producing its profit-maximizing level of output. Suppose further that at this level of production Lena's average total cost of producing a pound of lentils is $8.10, her average variable cost is $7.00, and her marginal cost is $8.20. In the long run, the price of a pound of lentils will be $8.20.