Question: HWK 7 . Question 3 continued b . Assuming that in a perfectly competitive market firms had identical cost structure, and assuming that all firms
HWK Question continued
b Assuming that in a perfectly competitive market firms had identical cost structure, and assuming that all firms were in long run equilibrium, what would be the output of a perfectly competitive single firm in the long run? point
c In the long run there are firms in the perfectly competitive market, how much is the total output in this case? point
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