6. All firms in a competitive industry have long-run total cost curves given by where Q is...
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6. All firms in a competitive industry have long-run total cost curves given by where Q is the firm’s level of output. What will be the industry’s long-run equilibrium price? (Hint: Use either calculus or a graph to find the minimum value of the associated long-run average cost curve.) What will be the long-run equilibrium output level of the representative firm?
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