Question: How do you solve for the long - run price? All firms in a competitive industry have the following (long-run) total cost curve: Clq) =

How do you solve for the long - run price? All firms in a competitive industry have the following (long-run) total cost curve: Clq) = q* 10* + 369 (n) Assume that there are many firms in this market. Compute the long-run price in this market. How much output does each firm produce. (b) Suppose the market demand is given by Qp = 111 = p, where p is the market price and Qp is the quantity demanded. Find the equilibrium quantity and number of firms

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