If price in perfectly competitive market is $42. the firm has marginal cost curve equal to MC=2+20qs. a)what is the profit maximizing output. b)the firm is making profit in short run, in long run what will be the price and quantity. c)what will be the number of firm in long run? please answer in whole number for A. and words for b and c.

If price in perfectly competitive market is $42. the firm has marginal cost curve equal to MC=2+20qs. a)what is the profit maximizing output. b)the firm is making profit in short run, in long run what will be the price and quantity. c)what will be the number of firm in long run? please answer in whole number for A. and words for b and c.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter12: Firms In Perfectly Competitive Markets

Section: Chapter Questions

Problem 13P

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