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There is currently 20 identical firms in a perfectly competitive market. Each firm has a cost function of the form: SC(q) = 10q2 +200q + 7000. The market demand is P = -4QD + 3000.

a) Find the short run equilibrium price, market quantity, and firm quantity and explain why this is not a long run competitive equilibrium.

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M91803301

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