Suppose that there are exactly 1000 firms in the short-run in the market for widget production. The market is perfectly compbelow:10067550251020MC5b. 3000O c. zerod. 5000ATCAVC80 100 123 140Market demand for widgets is given by the following equation:Q-140,000-400PWhat is the long-run equilibrium profit level per firm?O a. 1500quart

The perfectly competitive market refers to market where large number of buyers and sellers exist in…

Answered: Market demand for widgets is given by…

Market demand for widgets is given by the following equation: -140,000-400P What is the long-run equilibrium profit level per firm? O a. 1500 Ob. 3000 O c. zero d. 5000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Suppose that there are exactly 1000 firms in the short-run in the market for widget production. The market is perfectly comp
below:
100
6
75
50
25
10
20
MC
5
b. 3000
O c. zero
d. 5000
ATC
AVC
80 100 123 140
Market demand for widgets is given by the following equation:
Q-140,000-400P
What is the long-run equilibrium profit level per firm?
O a. 1500
quart

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