22. Suppose that each firm has the long run cost function c(y) = y2 + 9 for y > 0 and c(0) = 0. The industry demand is given by D(p) = 51 – p. The equilibrium price in the long-run equilibrium of the industry in a perfectly competitive market is:
a. $8 b. $3 c. $5 d. $4 e. $6
