2. If the market price of a baseball cap is P5 in the short run, how many would the firm produce? How many would it produce in long-run equilibrium?
  1. Q5 in the short run and Q5 in the long run.
  2. Q5 in the short run and Q4 in the long run.
  3. Q4 in the short run and Q4 in the long run.
  4. Q4 in the short run and Q2 in the long run.
  5. Q2 in the short run and Q2 in the long run.

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