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,

(1) how much does the firm produce, and what is the equilibrium price?

(2) If the market quantity demanded at the equilibrium price is Q = 2,500, how many firms are in the market?

What is the effect on the equilibrium and consumer, producer, and total surplus if the government sets a price ceiling, p, below the unregulated competitive equilibrium price? Draw the effects

Why would high transaction costs or imperfect information tend to prevent price-taking behavior?

If the inverse demand function for electric irons is p = 100 - 2Q, what is the consumer surplus when the price is 60?