A Competitive Firm Has a Long-Run Total Cost Function C(y)

question 26

Multiple Choice

A competitive firm has a long-run total cost function c(y) = 5y2 + 1,125 for y > 0 and c(0) = 0. Its long-run supply function is described as

• A) y =if p > 148, y = 0 if p < 148.
• B) y =if p > 150, y = 0 if p < 150.
• C) y =if p > 153, y = 0 if p < 153.
• D) y =if p > 153, y = 0 if p < 165.
• E) y =if p > 155, y = 0 if p < 145.

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