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I was given an economics question that seems extremely basic but I can't figure it out for some reason. It is as follows:

Consider a market which is a competitive market, and suppose that a common technology is defined by common constant unit costs (c) for all firms. What is the equilibrium price and output for all firms? How many firms does the market support?

This is the only information I'm given, so I'm stuck beyond the fact that P=MC so p=c. I don't understand how to find a general representation of quantity produced in this scenario with only a cost of c, let alone the number of firms (which I'm guessing will have to be in terms of q). Thanks in advance

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  • $\begingroup$ You'd need a demand function to figure out the equilibrium price and quantity. $\endgroup$ – Herr K. Dec 7 '18 at 3:19

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