A perfectly competitive firm’s total cost function is given by: TC = 400+4Q2; the market demand is given by: Q=120-P 12.

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answerhappygod
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A perfectly competitive firm’s total cost function is given by: TC = 400+4Q2; the market demand is given by: Q=120-P 12.

Post by answerhappygod »

A perfectly competitive firm’s total cost function is given by:
TC = 400+4Q2; the market demand is
given by: Q=120-P
12. What is the price of the product in the long‐run?
a. P=$40
b. P=$60
c. P=$80
d. None of the above

13. How many firms are in the market in the long-run?
a. N=2
b. N=3
c. N=4
d. None of the above
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