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Question 7, Concept Question 4.7 HW Score: 86.36%, 9.5 of 11 points Part 1 of 3 Points: 0.67 of 1 Each firm in a competitive
Question 7, Concept Question 4.7 HW Score: 86.36%, 9.5 of 11 points Part 1 of 3 Points: 0.67 of 1 Each firm in a competitive market has a cost function of: C =25 + q, so its marginal cost function is MC = 2q. The market demand function is Q = 40 - p. Determine the long-run equilibrium price, quantity per firm, market quantity, and number of firms. The output per firm is . (round your answer to the nearest integer)
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