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Suppose There Are 100 Firms Each with a Short Run

Question 7

Multiple Choice

Suppose there are 100 firms each with a short run total cost of STC = q2 + q + 10,so that marginal cost is MC = 2q +1.If market demand is given by QD = 1050 - 50P,what is the equilibrium price?


A) 5
B) 10
C) 11
D) 50

Correct Answer:

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