Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506725
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 22, Problem 3CQ
To determine
Normal profit of perfect competitive market in the long run.
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The market for paperback detective novels is perfectly competitive. Market Demand is given by Q=393-7P. Market Supply is given by Q=3P-9.
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Economics: Private and Public Choice (MindTap Course List)
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