✅ The verified answer to this question is available below. Our community-reviewed solutions help you understand the material better.
There are 100 firms in a perfectly competitive decreasing cost industry at the long-run equilibrium. A typical firm faces the following cost curves (q is firm quantity, n is number of firms):
-----------------------------------------------------Average Variable Cost ($): AVC=q+50Marginal Cost ($): MC=2q+50Fixed Cost ($): FC=810000/n-----------------------------------------------------
What are the market price and market quantity?