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Suppose the market for widgets is perfectly competitive. Furthermore, suppose the total cost curve for a typical firm in this market is TC = 309 + 4q2 where q represents the quantity of widgets sold by a single supplier. Suppose that there are 31 sellers in this market, sharing a market demand given by P = 1378 - 3Q, where P represents price per widget and Q represents the market quantity of widgets sold. What is the short-run equilibrium quantity in this market?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M945667

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