Question 7 Suppose all the rms, in a competitive market, have the following cost function C(q) = 2q2+B, where B is some constant entry cost. What is the long run equilibrium price? Question 8 Using the information you solved for in question 7, and a market demand given by QD = 60 p, what value of B will lead there to be only one rm left in the market in the longrun competitive equilibrium? (we are still assuming all rms are price takers)