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

question 101

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 many pounds of potatoes will be consumed in total?

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

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