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In a perfectly (or purely) competitive industry, all firms have the same costs. All firms have a minimum average total cost of $100 at a
In a perfectly (or purely) competitive industry, all firms have the same costs. All firms have a minimum average total cost of $100 at a quantity of 200 and a minimum average variable cost of $46 at a quantity of 100. Initially, the industry is in long run equilibrium. At the long run equilibrium, what is the the price?
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