Suppose There Are 100 Firms Each with a Short Run

question 24

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 be produced in the market?

• A) 300
• B) 400
• C) 500
• D) 600

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Definitions:

Slavery

A system in which individuals are owned by others, deprived of personal freedom, and forced to perform labor or services.

Fourteenth Amendment

An amendment to the United States Constitution granting citizenship to all persons born or naturalized in the U.S. and guaranteeing all citizens equal protection of the laws.

Equal Protection

A legal principle found in the 14th Amendment of the U.S. Constitution that requires states to treat all citizens equally under the law.

Jim Crow Laws

Laws that were enacted in the southern United States to enforce racial segregation and disenfranchise African Americans from the late 19th to mid-20th century.