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

question 6

Multiple Choice

If a representative firm with long-run total cost given by TC = 50 + 2q + 2q² operates in a competitive industry where the market demand is given by Q_D = 1,410 - 40P,in the long-run equilibrium there will be:

• A) 60 firms.
• B) 98 firms.
• C) 106 firms.
• D) 110 firms.
• E) 120 firms.

---

Definitions:

Self-Concept

An individual's perception of themselves, including beliefs about one’s attributes, roles, goals, and competencies.

Incongruence

A state of being where there is a discrepancy between one's self-image and the reality of one’s experiences or behaviors, often leading to psychological distress.

Actual Experience

Real, lived events and interactions that an individual undergoes, as opposed to theoretical knowledge or speculative scenarios.

Abraham Maslow

A psychologist known for developing the hierarchy of needs, a theory that describes human motivation based on fulfilling a series of needs from basic to self-actualization.