Which of the following would not be expected to occur in a purely competitive market in long-run equilibrium?

A) Consumer and producer surplus will be minimized.
B) P = MC = lowest ATC.
C) The maximum willingness to pay for the last unit equals the minimum acceptable price for that unit.
D) We would expect all of these to occur in the long run in a purely competitive market.

In a purely competitive market in long-run equilibrium, consumer and producer surplus are maximized, not minimized. Choices B and C describe characteristics of such a market, where price equals marginal cost and is at the lowest average total cost, and where the price also reflects the maximum willingness to pay for the last unit equal to the minimum acceptable price for that unit.