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2. In 2008, the box industry was perfectly competitive. The lowest point on the long-run average cost curve of each of the identical box produces was $4, and the minimum point occurred at an output of 1,000 boxes per month. The market demand curve for boxes was
Q_D = 140,000 - 10,000P
where P was the price of a box (in dollars per box) and Q_D was the quantity of boxes demanded per month. The market supply curve for boxes was
Q_S = 80,000 _ 5,000P
where Q_S was the quantity of boxes supplied per month.
a. What was the equilibrium price of a box? Is this the long-run equilibrium price?
b. How many firms are in this industry when it is in long-run equilibrium.
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