Suppose That the Market for Gourmet Deli Sandwiches Is Perfectly

question 6

Multiple Choice

Suppose that the market for gourmet deli sandwiches is perfectly competitive and that the supply of workers in this industry is upward-sloping, so that wages increase as industry output increases. Delis in this market face the following total cost: where Q is the number of sandwiches and W is the daily wage paid to workers. The wage, which depends on total industry output, equals
, where N is the number of firms. Market demand is
) In the long-run equilibrium, the total industry output is ____.

• A) 296.875
• B) 287.475
• C) 237.685
• D) 224.985

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Definitions:

Successive Approximations

A process in behaviorism used for training where behaviors are broken down into simple steps and reinforced until the desired behavior is achieved.

Toilet Training

The process of teaching a young child to use the toilet for urination and defecation.

Rewards

Benefits or positive stimuli that are given in response to desired behaviors, often used in reinforcement learning.

Innately Satisfying Stimuli

Stimuli that inherently provide pleasure or satisfaction without the need for learning or prior experience.