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Is this industry in long-run competitive equilibrium

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Reference no: EM13332922

Assume that in a different competitive industry, there are 8 firms, each with a marginal cost equal to

MC = 20-10q +q^2

Average cost is minimized at q = 10 and AVC is minimized at q = 8 for each of these firms. Demand for the product is P = 100-QD

a. Is this industry in long-run competitive equilibrium?

Reference no: EM13332922

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