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In a Perfectly Competitive Market, Each Firm Has a Long-Run

Question 108

Multiple Choice

In a perfectly competitive market, each firm has a long-run total cost given by LTC = 100Q - 10Q2 + 1/3Q3 and long-run marginal cost curve given by LMC = 100 - 20Q + Q2. What is the market's long-run equilibrium price?


A) $8.50
B) $33
C) $70
D) $25

Correct Answer:

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