A Firm Has the Long-Run Cost Function C(Q) = 4Q2

question 21

Multiple Choice

A firm has the long-run cost function C(Q) = 4Q2 +196. In the long run, it will supply a positive amount of output, so long as the price is greater than

• A) $120.
• B) $112.
• C) $56.
• D) $28.
• E) $61.

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Definitions:

Material Objects

Physical items or entities that occupy space and can be perceived by the senses.

Dialectical Method

A philosophical methodology, especially associated with Hegel and Marx, emphasizing the resolution of contradictions in historical, social, and intellectual phenomena.

Capitalism

An economic system characterized by private or corporate ownership of goods and services, where investment and the production, distribution, and prices of goods are determined mainly by competition in a free market.

G.W.F. Hegel

A German philosopher best known for his contributions to German idealism, particularly his concepts of the absolute, the dialectic process, and the historical development of consciousness.