A Small Nation Has Three Gasoline Suppliers with a Linear

question 66

Multiple Choice

A small nation has three gasoline suppliers with a linear monthly market demand equal to: Q = 500,000 - 5P. Each firm's marginal cost (MC) and average total cost (ATC) curves are horizontal at $10,000 per month.
-Refer to the information above. If the firms compete, what is the equilibrium price in the market?

• A)$100,000
• B)$10,000
• C)$500
• D)$50,000

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Definitions:

Short Stature

A condition characterized by a height significantly below the average for a person's age, sex, genetic background, and population group.

Webbed Neck

A physical condition in which the skin of the neck extends down to the shoulders, giving an appearance of webbing, often associated with certain genetic conditions.

Genetic Imprinting

A genetic phenomenon by which certain genes are expressed in a parent-of-origin-specific manner.

Polygenic Inheritance

A mode of genetic inheritance in which traits are influenced by multiple genes, often resulting in a continuous range of possible phenotypes.