(b) A perfect competitive industry faces a demand curve represented by Q = 10,000 - 10P. Also
suppose that an individual firm belonging to that industry faces a marginal cost function given
by
MC (Q) = 4Q + 100
Here Q represents quantity of output produced and P is the price. What would be the
equilibrium market price? How much does each firm produce in equilibrium? and also find
how many firms would be there in the industry in the long run?
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