There are 100 identical demanders of product y, and the demand function for each individual is y = 10 - p. The production function for any firm is y = min(z₁,z₂). If this is a constant cost industry, and if the prices of z₁and z₂are each $1, then: A)long- run equilibrium price is $1. B)quantity demanded in long- run equilibrium is 998/100. C)long- run equilibrium price is $3. D)quantity demanded in long- run equilibrium is 800.

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The Answer of There are 100 identical demanders of product y, and the demand function for each individual is y = 10 - p. The production function for any firm is y = min(z₁,z₂). If this is a constant cost industry, and if the prices of z₁and z₂are each $1, then: A)long- run equilibrium price is $1. B)quantity demanded in long- run equilibrium is 998/100. C)long- run equilibrium price is $3. D)quantity demanded in long- run equilibrium is 800.

There Are 100 Identical Demanders of Product Y, and the Demand