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Perfect Competition In the following year, there is free entry into the industry. The market becomes perfectly competitive and enters long-run equilibrium. Every rm has the same cost function as Big. 17. What quantity minimizes average total cost? A)Q=16 B)Q=0 C)Q=4 D)Q=3 18. What price occurs in equilibrium? (Hint: Compute ATC at your answer to 17.) A)P=93 B)P=9 C)P=16 D)P=0 19. What is the quantity demanded in this case? A)Q=4 B)Q=88 C)Q=81 D)Q=97 20. How many rms enter in equilibrium? (Hint: Use your answers to 17 and 19.) A) Innity B) 22 C) 38 D) We cannot say. 21. What is consumer surplus in this case? A) CS = 10,000 B) CS = 0 C) CS = 3872 D) CS = 7744 22. What is long-run producer surplus in this case? A) PS = 0 C) PS = 1584 B) PS =18 D) PS = 121 Wrap-Up 23. Suppose TC = 9+Q + Q2 and inverse demand is P = 169-2Q. What is the number of rms in the industry under perfect competition in the long-run? Big Pharmaceuticals has a patent on an important drug and so is a monopolist. Inverse demand for the drug is: P = 97 Q, where Q is thousands of milliliters and price is dollars per thousand milliliter. Total cost for Big is: TC = 16+ Q + Q2