Multiple Choice
The following graphs depict a perfectly competitive firm and its market.
Assume that all firms in this industry have identical cost functions. 
In the long run equilibrium in this market,
A) price will equal $5,and there will be 20 firms in the industry.
B) price will equal $5,and there will be 10 firms in the industry.
C) price will equal $8,and there will be 20 firms in the industry.
D) price will equal $5 and total output will equal 500 units,but there is not enough information to know how many firms there will be.
Correct Answer:
Verified
Correct Answer:
Verified
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