A Representative Firm with Long-Run Total Cost Given by TC

Multiple Choice

A representative firm with long-run total cost given by TC = 2,000 + 20q + 5q² operates in a competitive industry where the market demand is given by Q_D = 10,000 - 40P.The long-run equilibrium output of the industry will be:

A) 1,200 units.
B) 1,800 units.
C) 2,200 units.
D) 2,600 units.
E) 3,200 units.