The bicycle industry is made up of 100 firms with the long-run cost curve c(y) = 2 + (y2/2) and 60 firms with the long-run cost curve c(y) = y2/10.No new firms can enter the industry.What is the long-run industry supply curve at prices greater than $2?
A) y = 420p.
B) y = 400p.
C) y = 200p.
D) y = 300p.
E) y = 435p.
Correct Answer:
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