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Suppose that in a competitive industry, all firms have identical long-run cost functions: CLR (q) = 492 + 8q + 100 for q > 0

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Suppose that in a competitive industry, all firms have identical long-run cost functions: CLR (q) = 492 + 8q + 100 for q > 0 and c(0) = 0 The market demand is given by D(p) = 1,280 - 10p. (a) Calculate the market equilibrium price and quantity in the long run. (b) How many firms are there in this long-run equilibrium

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