68. In a perfectly competitive market, industry demand is given by Q = 1000 – 20P. The typical firm’s average cost is TC = 300 + Q2 /3, and marginal cost by MC = (2/3)Q.What is the market price?A.$40B. $32C. $28.57D. $30 In a perfectly competitive market, industry demand is givenby Q = 1000 - 20P. The typical fırm's average cost is TC :300 + Q? /3, and marginal cost by MC = (2/3)Q.%3DWhat is the market price?$40$32$28.57$30

Answer to the question is as follows :

Answered: In a perfectly competitive market,…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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68. In a perfectly competitive market, industry demand is given by Q = 1000 – 20P. The typical firm’s average cost is TC = 300 + Q²/3, and marginal cost by MC = (2/3)Q.

What is the market price?

A.$40

B. $32

C. $28.57

D. $30

In a perfectly competitive market, industry demand is given
by Q = 1000 - 20P. The typical fırm's average cost is TC :
300 + Q? /3, and marginal cost by MC = (2/3)Q.
%3D
What is the market price?
$40
$32
$28.57
$30

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