How many pounds of potatoes will be consumed in total if the long-run supply curve is horizontal?
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How many pounds of potatoes will be consumed in total if the long-run supply curve is horizontal?
Suppose that for each firm in the competitive market for potatoes, long-run average cost is minimized at $0.20 per pound when 500 pounds are grown. The demand for potatoes is Q = 10,000/p.
1. 50,000
B. 10,000
C. 0
D. 500
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