Business, 06.06.2020 01:01, batmanmarie2004

Nutty Nuts is a monopolistic firm in the market for nuts. The following equations describe the demand for, and the cost of producing nuts, where Q is output in thousand pounds, and P is price per pound. Demand: P = 31 - 3Q Marginal Cost: MC = 3 + Q Total Cost: TC = 3 + 3Q + 0.5Q2 Consider that after filing for bankruptcy and engaging in a legal battle with neighboring landowners, the government decides to dissolve the monopolist, and the market becomes competitive. Given the perfectly competitive market outcome, one would expect that in the long run,: a. the market price and the number of firms in the market will both decrease.
b. the market price and the number of firms in the market will both increase.
c. the market price will decrease but the number of firms will increase.
d. the market price will increase but the number of firms will decrease.

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Nutty Nuts is a monopolistic firm in the market for nuts. The following equations describe the deman...