9> A
In the long run, in a perfect competition, firms make zero economic profit.
10> HHI index is the sum of the square of the shares = 0.35^2+0.2^2+0.25^2+0.15^2+0.05^2=0.25
11> In the long run, firms will produces at the lowest ATC, so 200 output per firm with price 10. the quantity demanded is 10000, total number of firms will be 10000/200=50
A is correct
12> Fixed cost is AFCx quantity = 120*10=1200
So, AFC at 20 units will be 1200/20=60 and AVC will be 150-60=90
As HOMEWORKLIB rule, first 4 questions have been answered.
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