Long-run equilibrium price is known as:  A. Market price  B. Reserve price  C. Normal price  D. Support price

Based on your answer in 1.2.1, identify two key features of long run equilibriumand determine the price associated with this period

Consider a competitive, constant-cost industry. Firms operating in this market face an identical cost of production. The total cost is given by TC = 180 + 33q + 5q2. What is the price in the long-run market equilibrium?

What occurs when the market price is above the equilibrium price?ShortageSurplusNo changeDemand shifts to the left

What is the short-run equilibrium condition under a perfect competitive market?

Suppose there are 100 firms each with a short run total cost of STC = q2 + q + 10, so that marginal cost is MC = 2q +1. If market demand is given by QD = 1050 - 50P, what is the equilibrium price?Question 5Select one:a.50.b.10.c.5.d.11.