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There are many identical firms with a simple cost structure: Total cost for Q = 0 is $6 and total cost for Q = 1 is $8. Each firm is incapable of producing anything more; in other words, total cost is infinite for any Q larger than 1.
a) In the short run, above what price will firms supply one unit each?
b) If firms are free to enter and exit this market, what will be the long-run price?
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