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

question 7

Multiple Choice

A representative firm with long-run total cost given by TC = 2,000 + 20q + 5q² operates in a competitive industry where the market demand is given by Q_D = 10,000 - 40P.The long-run equilibrium output of the industry will be:

• A) 1,200 units.
• B) 1,800 units.
• C) 2,200 units.
• D) 2,600 units.
• E) 3,200 units.

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Definitions:

Jaeger Chart

A visual acuity chart used to test a person's reading and detail vision, often applied in eye exams to detect vision issues.

Ishihara Book

A color vision test book consisting of a series of plates filled with colored dots, used to diagnose red-green color deficiencies.

Pelli-Robson Chart

A tool used in visual examinations to assess contrast sensitivity, featuring a series of letters in progressively lower contrast.

Presbycusis

Age-related hearing loss, gradually occurring in most individuals as they grow older.