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LaRhonda v My Home Courses Catalog and Study Tools Rental Options College Success Tips Career Success Tips Give Feedback CENGAGE I MINDTAP Module Six Quiz Consider the daily market for hot dogs in a small city. Suppose that this market is in long-run competitive equilibrium with many hot dog stands in the city, each one selling the same kind of hot dogs. Therefore, each vendor is a price taker and possesses no market power. The following graph shows the demand (D) and supply (S = MC) curves in the market for hot dogs. Place the black point (plus symbol) on the graph to indicate the market price and quantity that will result from competition. Q Search this course O Help CQ 30 25 20 4.5 1.0 Competitive Market S=MC 0 40 80 120 160 200 240 280 320 QUANTITY (Hot dogs) A-Z 4) 360 PC Outcome 400