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

question 1

Multiple Choice

If a representative firm with long-run total cost given by TC = 2,000 + 20q + 5q² operates in a competitive industry where the market demand is given by Q_D = 10,000 - 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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