Table 14-3
The market for Whizzly Jigs consists of many identical firms, each with the cost structure below.Suppose the current market price is $2. 
-Refer to table 14-3.Suppose the long-run market competitive equilibrium quantity is 1500 Whizzly Jigs.How many firms are operating in the marketplace?
Definitions:
Basis
The original value or cost of an asset or investment for tax purposes, crucial for calculating gain or loss on disposition.
Like-Kind Exchange
A tax deferment strategy where an asset is exchanged for another similar asset, deferring capital gains taxes.
Identified
Specified or determined, often used in contexts where certain items, transactions, or options are selected for specific treatment or action.
Involuntary Conversion
This involves compensation received for the destruction, theft, confiscation, or condemnation of property or the disposition of property under threat of these actions.
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