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

question 35

Multiple Choice

Suppose that for each firm in the competitive market for potatoes,long-run average cost is minimized at 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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Definitions:

Levels of Processing Model

A theory suggesting that memory retention is a function of the depth of mental processing, with deeper processing resulting in longer-lasting memory storage.

Elaborative Rehearsal

A technique for memory enhancement which involves deeply processing the item to be remembered by linking it to existing knowledge.

Levels of Processing Model

A theory that suggests memory retention is directly related to the depth of mental processing, with deeper levels of analysis leading to more meaningful connections and better recall.

Elaborative Rehearsal

A memory technique that involves thinking about the meaning of the term to be remembered, as opposed to simply repeating the term to oneself.