In a Perfectly Competitive Market, Each Firm Has a Long-Run

question 108

Multiple Choice

In a perfectly competitive market, each firm has a long-run total cost given by LTC = 100Q - 10Q² + 1/3Q³ and long-run marginal cost curve given by LMC = 100 - 20Q + Q². What is the market's long-run equilibrium price?

• A) $8.50
• B) $33
• C) $70
• D) $25