Suppose there are 30 identical hot pretzel stands operating in New York City. Each
stand has the usual U-shaped average-total-cost curve. The market demand curve for pretzels
slopes downward, and the market for pretzels is in long-run competitive equilibrium. Market
demand is given by Q = 127 ¡ P and total cost of each ¯rm is TC = q2 + 12.
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