The Market for Sweet Potatoes Consists of 1,000 Identical Firms $S T C = 100 + 100 q + 100 q ^ { 2 }$

question 18

Multiple Choice

The market for sweet potatoes consists of 1,000 identical firms. Each firm has a short-run total cost curve of $S T C = 100 + 100 q + 100 q ^ { 2 }$ , and a short-run marginal cost curve of $S M C = 100 + 200 q$ where $q$ is output. All fixed costs are sunk. What is the equation of the shortrun market supply curve?

• A) \(Q ^ { s } = 5 P - 500\) for \(P \geq 100\), and \(Q ^ { s } = 0\) otherwise.
• B) \(P = 100000 + 200000 q , \mathrm { P } \geq 200\), and \(Q ^ { s } = 0\) otherwise.
• C) \(Q ^ { s } = P / 200 - .5\) for \(P \geq 100\), and \(Q ^ { s } = 0\) otherwise.
• D) \(Q ^ { s } = 5 P - 500\) for \(P \geq 200\), and \(Q ^ { s } = 0\) otherwise.

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Definitions:

Convenience Product

Item the consumer seeks to purchase frequently, immediately, and with little effort.

Product Life Cycle

The progression of a product through stages from development and introduction to growth, maturity, and decline.

Competitive Standings

The ranking or positioning of entities based on their ability to compete in the market, often measured through performance, quality, or innovation.

Distribution Strategies

Plans and tactics implemented by a company to ensure its products or services are delivered to the customer efficiently and effectively.