Use the Following to Answer Questions

question 179

Multiple Choice

Use the following to answer questions:
Scenario: Monopolistically Competitive Firm
For a monopolistically competitive firm, Q = 160 - P; MC = 20 + 2Q; and TC = 20Q + Q² + 20.
-(Scenario: Monopolistically Competitive Firm) Given the information in the scenario Monopolistically Competitive Firm, what is the fixed cost for this firm?

• A) There is none, since this is the long run.
• B) Fixed costs equal $160.
• C) Fixed costs equal $20.
• D) Fixed costs equal $180.

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Definitions:

Publicly Owned

Refers to assets owned by the government or the public sector, intended for the benefit of the general public.

Infrastructure

Refers to the basic physical and organizational structures and facilities (e.g., buildings, roads, power supplies) needed for the operation of a society or enterprise.

Usage

The manner and frequency with which a product or service is used by consumers.

Operational Decision

A choice made in the day-to-day functioning of a company that affects how tasks and activities are performed.