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Consider a perfectly competitive market. Suppose each firm has LRATC given by: LRATC (Q) = 1000 + (Q - 116)2 What quantity does the firm

Consider a perfectly competitive market. Suppose each firm has LRATC given by: LRATC (Q) = 1000 + (Q - 116)2 What quantity does the firm produce in the long-run equilibrium? HINT: try drawing the LRATC curve

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