6 Question 14Explain the long run outcome of a competitive market structure starting with a typical firm making a profit. Post your answerunder assignments>short essay HW competitive.Question 15Consider a competitive market with short run demand and supply of p-300-Q/1000 and p-Q/500. There is a firm in this marketwith a short run MC=10q for q>5.1- Find the market equilibrium in the short run.2- Find the firm's output.3- Assume all firms are identical. How many such firms are in this market?4- Is this market efficient?Post your answer under assignments>short essay HW competitive.

A perfectly competitive market has a different scenario in the short-run and in the long-run.

Answered: Question 14 Explain the long run…

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 14 Explain the long run outcome of a competitive market structure starting with a typical firm making a profit. Post your answer under assignments>short essay HW competitive.