If a Representative Firm with Long-Run Total Cost Given by TC

question 13

Multiple Choice

If a representative firm with long-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 long-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:

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Interactions between individuals and groups, including how they communicate, influence, and relate to each other.

Obsession

Persistent and intrusive thoughts, impulses, or images that cause significant anxiety or distress.

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An intense, often overwhelming urge to carry out an action, particularly one that is illogical or against one's own desires.

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