Two firms constitute the entire doghouse industry.One has a long-run cost curve of 3 + 4y2/3 and the other has a long-run cost curve of 10 + y2/10.If no new firms enter the industry, at which of the following prices will exactly one firm operate?
A) $1
B) $3
C) $5
D) $7
E) None of the above.
Correct Answer:
Verified
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