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The cheese business in Lake Fon-du-lac, Wisconsin, is a competitive industry. All cheese manufacturers have the cost function C = Q^2+ 16, while demand for cheese in the town is given by Qd= 120 - P. The long-run equilibrium number of firms in this industry is
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a. 29.
b. 58.
c. 56.
d. 120.
e. 59
Which is the correct answer and why?
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