What is the long run equilibrium price in the industry described in question 3? Group of answer choices 0 40 44 24
Added by Derek V.
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Step 1: In the long run equilibrium in a perfectly competitive market, price equals marginal cost (P=MC). Show more…
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Assume a constant-cost industry in a competitive market. What are the short-term effects of the following change? An increase in the demand for the good will ______________ the equilibrium price and ______________ equilibrium quantity in the goods' market. Assume an increasing-cost industry in a competitive market. What are the long term effects of the following change? An increase in the demand for the good will ______________ the equilibrium price and ______________ equilibrium quantity in the goods' market.
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Suppose a representative firm in a perfectly competitive industry has the following total cost of production in the short run: TC = Q^3 - 10Q^2 + 100Q. 5. What will be the long run equilibrium price for the firm? a) 10 b) 55 c) 75 d) 95 e) None of above 6. If the industry demand is given by QD = 600 - P, how many firms will be active in the long-run equilibrium? a) 100 b) 105 c) 110 d) 115 e) None of above
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