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Assume the market demand is Qd = 348 – p and a firm has a long-run...

Assume the market demand is Qd = 348 – p and a firm has a long-run cost function of C(q) = 4q2 + 144, where q > 0 is the quantity of output (if q = 0 long-run costs are zero). How many firms will there be in the long run equilibrium (assuming that all the firms are identical)?

a. 20

b. 12

c. 50

d. 36

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