The market for corn is perfectly competitive and the current short~term market price is $5 per bushel. The market demand for corn is P=100-Q, where Q denotes total quantity of bushels sold per day ( in hundreds) and P is the prude per bushel in dollars. The typical firm that produces corn has the following long~run costs curves: TC=2q2+ 242MC=4q

QUESTION 15 The market for corn is perfectly competitive and the current short-run market price is $5 per bushel. The Market Demand for cor 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)? In the long-run, P = $44, q = 11, and Q = 56 In the long-run, P = $22, q = 10, and Q = 80 There is not enough information to determine long-run equilibriums. In the long-run, P = $5, q = 1.25, and Q = 95 In the long-run, P = $20, q = 5, and Q = 80