A company is a member of the lamp industry, The price of a lamp is $200 and fixed costs are $1,000 The total cost function is TC 1000 20Q 5Q 2 TC total cost in dollars Q hourly output Is this firm a perfectly competitive firm Explain how you know

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A company is a member of the lamp industry, The price of a lamp is $200 and fixed costs are $1,000. The total cost function

A company is a member of the lamp industry, The price of a lamp is $200 and fixed costs are $1,000. The total cost function is TC= 1000 + 20Q + 5Q². TC = total cost in dollars. Q= hourly output.

Is this firm a perfectly competitive firm? Explain how you know.

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