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Suppose that the market for sunglasses is perfectly competitive with market demand Qp = 2,560 - 5P. The cost function for producing sunglasses is TC(q)
Suppose that the market for sunglasses is perfectly competitive with market demand Qp = 2,560 - 5P. The cost function for producing sunglasses is TC(q) = 2q + 32q + 800. The market will be in long-run equilibrium when there are [Select] firms active in this market, each of which is producing (Select] the market price will be [Select ] 3 and each active firm will have economic profit equal to [Select]
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