Assess these 2 claims on whether they are true or false. Explain your answer.

(a) The demand for widgets is given by Qp(p) = 1000 - 10p. Firms in the market for widgets all have long run cost function C(q) = 10q - 2q' + q , for q > 0 (and C(0) = 0). Claim: In the long run equilibrium, there will be J* = 910 active firms in the industry.