30 Apr Question: D) Consider a perfectly competitive market with a market demand curve that is given by the equati…
iii) What is the representative firm’s level of profits in the short-run given this market price? (3 marks) iv) Can this short-run equilibrium also represent a long-run equilibrium for this firm? Explain your answer. (2 marks) v) Rounding to the nearest whole number, how many firms are operating in the short-run in this market given a market price of 100 firms? (2 marks)
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