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 = 49 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)? O There is not enough information to determine long-run equilibriums. O In the long-run, P = $22, q = 10, and Q = 80 O In the long-run, P = $20, q = 5, and Q = 80 O In the long-run, P = $44, q = 11, and Q = 56 O In the long-run, P = $5, q = 1.25, and Q = 95