Long-Run Equilibrium in a Competitive Industry
Consider a perfectly competitive industry where all potential firms are identical. The market demand is given by the function Q_D = 5000 - 100P, and the total cost function for a single firm is TC(q) = 200 + 2q + 0.5q². Based on this information, analyze the market to determine the long-run equilibrium price, the quantity produced by each firm, and the total number of firms that will operate in the industry.
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