Suppose That for Each Firm in the Competitive Market for Potatoes,long-Run

question 63

Multiple Choice

Suppose that for each firm in the competitive market for potatoes,long-run average cost is minimized at $0.20 per pound when 500 pounds are grown.The demand for potatoes is Q = 10,000/p.If the long-run supply curve is horizontal,then how much will consumers spend,in total,on potatoes?

• A) $0
• B) $500
• C) $10,000
• D) $50,000

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An expense that can be subtracted from gross income to reduce the amount of income subject to tax, often related to business expenses, healthcare costs, and certain individual deductions.

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Deductions from income that taxpayers can claim for specific expenses, as opposed to taking a standard deduction.

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Debt incurred in acquiring, constructing, or substantially improving a qualified residence of the taxpayer, and secured by the residence.