Suppose There Are 100 Firms Each with a Short Run

question 11

Multiple Choice

Suppose there are 100 firms each with a short run total cost of STC = q² + q + 10,so that marginal cost is MC = 2q +1.If market demand is given by Q_D = 1050 - 50P,how much will the individual firm produce?

• A) 3
• B) 4
• C) 5
• D) 6

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Definitions:

Marxism

A socio-political and economic theory that seeks to understand and address the struggles between classes, developed by Karl Marx.

Bayard Rustin

An American leader in social movements for civil rights, socialism, nonviolence, and gay rights, pivotal in organizing the 1963 March on Washington.

Militant Action

The use of confrontational or aggressive tactics in support of a political or social cause.

Bandung

A city in Indonesia known for hosting the first large-scale Asian-African Conference in 1955, which aimed to promote economic and cultural cooperation and to oppose colonialism.