How is a long run equilibrium characterized

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Reference no: EM131101383

Consider a perfectly competitive industry with the following information

Market demand - p=(Q/40) -30

There is an unknown number of firms with identical cost structure given by

C=.5(q^2)-10q+200

Each firm is earning zero profits (it is a long run equilibrium)

A) how is a long run equilibrium characterized

Reference no: EM131101383

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