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Assume your firm operates in a perfectly competitive market. All firms have the same costs, and your ATC cost function is: ATC = 300 -
Assume your firm operates in a perfectly competitive market. All firms have the same costs, and your ATC cost function is: ATC = 300 - 2*Q + .05*Q2 You know that, in perfect competition, in the long run, the market price will ultimately equal the lowest point on the ATC curve. What is the "Q" where ATC is minimized? Multiple Choice Q = 15 Q = 20 Q = 25 Q = 30
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