Multiple Choice
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. In long-run equilibrium, the market price is $____.
A) 660
B) 550
C) 440
D) 330
Correct Answer:
Verified
Correct Answer:
Verified
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