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22. Suppose that each firm has the long run cost function ​c​(​y​) = ​y​2​ + 9...

22. Suppose that each firm has the long run cost function ​c​(​y​) = ​y​2​ + 9 for ​y​ > 0 and ​c​(0) = 0. The industry demand is given by ​D​(​p)​ = 51 - ​p​. The ​equilibrium price ​in the long-run equilibrium of the industry in a perfectly competitive market is:

a. $8 b. $3 c. $5 d. $4 e. $6

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