Suppose That for Each Firm in the Competitive Market for Potatoes,long-Run

question 101

Multiple Choice

Suppose that for each firm in the competitive market for potatoes,long-run average cost is minimized at $0.20 per pound when 500 pounds are grown.The demand for potatoes is Q = 10,000/p.If the long-run supply curve is horizontal,then how many pounds of potatoes will be consumed in total?

• A) 0
• B) 500
• C) 10,000
• D) 50,000

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Definitions:

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The control center of a cell; contains the chromosomes that direct cellular processes.

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Specialized structures within cells that perform specific tasks, like mitochondria for energy production and ribosomes for protein synthesis.

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The study of microorganisms.

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A skin condition characterized by an irritating sensation leading to the urge to scratch, accompanied by changes in skin appearance.