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Suppose that each firm in a perfectly competitive market has long average cost which attainsa unique minimum of$20at q = 5, where q is the

  1. Suppose that each firm in a perfectly competitive market has long average cost which attainsa unique minimum of$20atq= 5, whereqis the amount of output produced by each firm.The market demand curve is given byQD= 1040 - 2p.In the long run equilibrium there willbe

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