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A Perfectly Competitive Industry Consists of Many Identical Firms, Each

Question 31

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A perfectly competitive industry consists of many identical firms, each with a long-run average total cost of LATC = 800 - 10Q + 0.1Q2 and long-run marginal cost of LMC = 800 - 20Q + 0.3Q2. A perfectly competitive industry consists of many identical firms, each with a long-run average total cost of LATC = 800 - 10Q + 0.1Q<sup>2</sup> and long-run marginal cost of LMC = 800 - 20Q + 0.3Q<sup>2</sup>.

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