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A perfectly competitive industry is in long-run equilibrium. Each of the identical firms has a long-run cost function C = 100 + q2. As a
A perfectly competitive industry is in long-run equilibrium. Each of the identical firms has a long-run cost function C = 100 + q2. As a result, a firm's marginal cost function is MC = 2q. In the long-run competitive equilibrium, how much does the firm produce, and what is the equilibrium price?
If the market quantity demanded at the equilibrium price is Q = 2,500, how many firms are in the market?
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