10. Each firm in a perfectly competitive market has long-run total cost represented as LRTC = 100q² - 10q + 100. What's the long-run equilibrium price? a. $10 b. $100 c. $110 d. $190 e. $200

What price will a perfectly competitive firm end up charging up the long run? Why?

Since a perfectly competitive firm can sell as much as it wishes at the market price, why can the firm not simply increase its profits by selling an extremely high quantity?

Your company operates in a perfectly competitive market. You have been told that advertising can help you increase your sales in the short run. Would you create an aggressive advertising campaign for your product?