A Representative Firm with Short-Run Total Cost Given by TC

question 30

Multiple Choice

A representative firm with short-run total cost given by TC = 50 + 2q + 2q² operates in a competitive industry where the short-run market demand and supply curves are given by Q_D = 1,410 - 40P and Q_S = -390 + 20P.Its short-run profit-maximizing level of output is:

• A) 0 units.
• B) 1 unit.
• C) 2 units.
• D) 5 units.
• E) 7 units.

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Definitions:

Sociobiologists

Scientists who study the biological aspects of social behavior in humans and other animals.

Evolutionary Psychologists

Researchers who study how evolutionary principles like natural selection influence human behavior and psychological traits.

Behavior Patterns

The repetitive and observable actions or reactions of individuals, often in response to their environment or stimuli.

Friedrich Engels

A German philosopher, social scientist, and journalist who, alongside Karl Marx, co-developed Marxist theory, notably exploring issues of social class and labor.