Question
Suppose the wedding dress industry is a perfectly competitive constant cost industry. Suppose also that market demand for wedding dresses is described by Q = 10,000 – 10P. Suppose individual firms have cost functions of LTC = 20,000+100q+2q2 (LTC = 0 if q = 0) (so that LMC is 100+4q). how many firms are there in the industry in the long run?
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