Why market demand curve for pretzels slopes downward

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Q. Suppose there are 30 identical hot pretzel stands operating in New York City. Each stand has usual U-shaped average-total-cost curve. Market demand curve for pretzels slopes downward and market for pretzels is in long-run competitive equilibrium. Market demand is provided by Q = 127 P and total cost of each rm is TC = q2 + 12.

Reference no: EM1371438

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