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

question 32

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,the long-run equilibrium output of the industry will be:

• A) 490 units.
• B) 530 units.
• C) 570 units.
• D) 610 units.
• E) 650 units.

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