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A perfectly competitive industry has 100 firms, each with an MC curve that can be expressed as MC = 5q, where q is the level
A perfectly competitive industry has 100 firms, each with an MC curve that can be expressed as MC = 5q, where q is the level of output for each firm. Which equation would describe the industry supply curve, where Q is the market quantity, and P is the market price? a) P = 0.2Q b) P = 0.05Q c) P = Q d) P = 2q
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