Suppose the market consist of 300 identical firms, and the market demand is given by Q = 60 – P. Each firm has a short-run total cost curve STC = 0.1 + 150Q?. 1) What is the short-run equilibrium price in this market?

Suppose the market consist of 300 identical firms, and the market demand is given by Q = 60 – P. Each firm has a short-run total cost curve STC = 0.1 + 150Q?. 1) What is the short-run equilibrium price in this market?

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter10: Price-searcher Markets With Low Entry Barriers

Section: Chapter Questions

Problem 16CQ

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