A Perfectly Competitive Industry Consists of Many Identical Firms, Each

question 2

Multiple Choice

A perfectly competitive industry consists of many identical firms, each with a long-run average total cost of LATC = 800 - 10Q + 0.1Q² and long-run marginal cost of LMC = 800 - 20Q + 0.3Q². The industry's demand curve is Q^D = 40,000 - 70P. In long-run equilibrium, the number of firms in the industry is ____.

• A) 60
• B) 50
• C) 40
• D) 30

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Definitions:

Prophase

The first stage of cell division in both mitosis and meiosis where chromosomes become visible and the nuclear envelope begins to break down.

Telophase

The final stage of cell division, where the chromatids or chromosomes move to opposite ends of the cell and two nuclei are formed.

Metaphase

A phase of cell division in which the chromosomes are aligned at the spindle equator halfway between the spindle poles.

Mitosis

A process of cell division that results in two genetically identical daughter cells each having the same number of chromosomes as the parent nucleus.