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A firm sells its product in a perfectly competitive market where other firms charge a price of $90 per unit. The firm's total costs are C(Q) = 50 + 10Q + 2Q2.z
a. How much output should the firm produce in the short run?
b. What price should the firm charge in the short run?
c. What are the firm's short-run profits?
d. What adjustments should be anticipated in the long run?
For each of the following characteristics, say whether it describes a perfectly competitive firm, a monopolistically competitive firm, both, or neither.
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