Question: Each firm in a competitive market has a cost function of: C= 16+q2, so its marginal cost function is MC = 2q. The market demand

Each firm in a competitive market has a cost function of: C= 16+q2, so its marginal cost function is MC = 2q. The market demand function is Q=32 - p. Determine the long-run equilibrium price, quantity per firm, market quantity, and number of firms. The output per firm is 4 . (round your answer to the nearest integer) The long-run equilibrium number of firms is 6 . (round your answer to the nearest integer) The long-run equilibrium price is $ . (round your answer to the nearest penny)

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