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Suppose a competitive market consists of identical firms

Suppose a competitive market consists of identical firms with a constant lon-run marginal cost of $10. (There are no fixed costs in the longrun) The demand curve is given by q=200-p

a) What are the price and quantity consumed in the longrun competitive equilibrium?

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Macroeconomics: Suppose a competitive market consists of identical firms

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Solution Preview :

Prepared by a verified Expert

Macroeconomics: Suppose a competitive market consists of identical firms

Reference No:- TGS0667626

Have a Question? (oR Write a Review)

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Prepared by a verified Expert

Macroeconomics: Suppose a competitive market consists of identical firms

Reference No:- TGS0667626

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