Suppose all firms in a perfectly competitive industry have marginal cost of producing q units is MC = 8 + 16q. The industry demand curve is given by P = 488 – Q. The price of the good is $200. What is this firm’s optimal short-run quantity and how many firms produce this good in the short run?     12 units and 12 firms     48 units and 24 firms     192 units and 24 firms     12 units and 24 firms

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