If a Representative Firm with Long-Run Total Cost Given by TC

question 6

Multiple Choice

If a representative firm with long-run total cost given by TC = 50 + 2q + 2q² operates in a competitive industry where the market demand is given by Q_D = 1,410 - 40P,in the long-run equilibrium there will be:

• A) 60 firms.
• B) 98 firms.
• C) 106 firms.
• D) 110 firms.
• E) 120 firms.

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Definitions:

Coding Categories

Classes or groups where data is organized during the analysis phase of a research to facilitate the identification of themes or patterns.

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The process of summarizing primary topics or themes in qualitative data through short, descriptive labels.

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A general idea or understanding that is formed by combining various thoughts and insights.