In a Particular Market,there Are 500 Firms

question 155

Multiple Choice

In a particular market,there are 500 firms.Each firm has a marginal cost of $30 when it produces 200 units of output.One point on the market supply curve is

• A)Quantity = 200, Price = $30
• B)Quantity = 500, Price = $30
• C)Quantity = 100,000, Price = $30
• D)Quantity = 100,000, Price = $15,000

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Definitions:

Global Output

The total value of goods and services produced worldwide over a specific time period.

Percent

A part or portion of a whole expressed as a fraction of 100.

Increase

A rise or growth in quantity, size, intensity, or extent of a particular object or phenomenon.

Modernization Theory

is a sociological theory that looks at the processes through which societies move from traditional or less developed institutions to those characteristic of more developed societies.