In a perfectly competitive market, market demand is given by Qd and market supply is given by Qs typical ATC = Q + 400 /Q. A firm's ATC is minimized at Q = 20. What will be the long-run equilibrium price in the market and how much will each firm produce? ..... The long-run equilibrium price in the market will be S (Round to the nearest dollar as needed.) Each firm will produce a quantity of O units. (Round to the nearest whole number as needed.)

In a perfectly competitive market, market demand is given by Qd and market supply is given by Qs typical ATC = Q + 400 /Q. A firm's ATC is minimized at Q = 20. What will be the long-run equilibrium price in the market and how much will each firm produce? ..... The long-run equilibrium price in the market will be S (Round to the nearest dollar as needed.) Each firm will produce a quantity of O units. (Round to the nearest whole number as needed.)

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter9: Price Takers And The Competitive Process

Section: Chapter Questions

Problem 16CQ

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