Suppose There Are 100 Firms Each with a Short Run

question 7

Multiple Choice

Suppose there are 100 firms each with a short run total cost of STC = q² + q + 10,so that marginal cost is MC = 2q +1.If market demand is given by Q_D = 1050 - 50P,what is the equilibrium price?

• A) 5
• B) 10
• C) 11
• D) 50

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