Consider a perfectly market where all firms have identical cost functions given by: C(q) = 2q2 + 10q + 50 The annual market demand is: QD = 200 -4p 17. What is the shut-down price for each firm? pso = 10 18. [2 points] If there are currently 24 firms in the industry, what will be the short-run equilibrium price and market quantity? p = 26 Q*= 96 19. [3 points] What will be the long-run equilibrium price, market quantity, and number of firms? p = 30 Q= 80 N'= 16