Question
Given the demand curve of P=60-3Q and a long-run supply curve is perfectly elastic at $4 per unit, what is the output level produced by
Given the demand curve of P=60-3Q and a long-run supply curve is perfectly elastic at $4 per unit, what is the output level produced by the competitive industry and what would consumer surplus be? Use a diagram to illustrate your answer.
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Microeconomics An Intuitive Approach with Calculus
Authors: Thomas Nechyba
1st edition
538453257, 978-0538453257
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