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Please help answer the below questions. question completion Status: QUESTION 7 The market for wheat is perfectly competitive and the current short-run market price is

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question completion Status: QUESTION 7 The market for wheat is perfectly competitive and the current short-run market price is $5 per bushel. The Market Demand for wheat is P = 100 - Q, where Q denotes total quantity of bushels sold per day (in hundreds) and P is the price per bushel in dollars. The typical firm that produces corn has the following long-run costs curves: . TC = 292+ 242 . MC = 4q where q is the quantity of bushels sold per day by each firm (in hundreds). Which of the following describes this industry's long-run equilibrium P (price), q (firm-level quantity), and Q (market quantity)? In the long-run, P = $44, q = 11, and Q = 56 In the long-run, P = $22, q = 10, and Q = 80 There is not enough information to determine long-run equilibriums. In the long-run, P = $20, q = 5, and Q = 80 In the long-run, P = $5, q = 1.25, and Q = 95

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