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Suppose a perfectly competitive market with 5 firms in the market. Each firm has supply characterized by P(q)=MC(q)=2+q/2. If 160 units were transacted in total, what was the market price?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose a perfectly competitive market with 5 firms in the market. Each firm has supply characterized by P(q)=MC(q)=2+q/2. If 160 units were transacted in total, what was the market price?

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