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Firms operate with perfect competition in a market. The demand schedule for the market is given by = 42 3, where = 0. The long-run
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Firms operate with perfect competition in a market. The demand schedule for the market is given by = 42 3, where = 0. The long-run average cost and marginal cost of each firm are 3^2 18 + 7 and 9^2 36 + 7, respectively. The long-run competitive equilibrium most likely occurs at a price of:
A. 14 B. 23 C. 33
Firms operate with perfect competition in a market. The demand schedule for the market is given by = 42 3, where = 0. The long-run average cost and marginal cost of each firm are 3^2 18 + 7 and 9^2 36 + 7, respectively. The long-run competitive equilibrium most likely occurs at a price of:
A. 14 B. 23 C. 33
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