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. The industry's demand curve is QD = 40,000 - 70P. In long-run equilibrium, the total quantity purchase by consumers is ____.
A) 2,000
B) 1,800
C) 1,500
D) 1,200
Correct Answer:
Verified
Correct Answer:
Verified
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