Question: QUESTION 1 5 Consider the following setup for a perfectly competitive market: Suppose that for the firm, T C = 4 0 0 + Q

QUESTION 15
Consider the following setup for a perfectly competitive market: Suppose that for the firm, TC=400+Q2, and MC=2Q. For the corresponding market, suppose that demand is given by P=200-12Q and supply is given by P=12Q.
Given the firm's profits, is this situation sustainable in the long run? That is, will firms have an-incentive to enter or leave the market?
QUESTION 1 5 Consider the following setup for a

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