Suppose That the Inverse Demand for Bean Sprouts Is Given

question 19

Multiple Choice

Suppose that the inverse demand for bean sprouts is given by P(Y) = 750 - 2Y and the total cost of producing Y units for any firm is TC(Y) = 30Y. If the industry consists of two Cournot duopolists, then in equilibrium each firm's production is

• A) 60 units.
• B) 120 units.
• C) 180 units.
• D) 90 units.
• E) 93.75 units.

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Definitions:

Belonging

An emotional need to be part of a group, feeling connected and accepted by others.

Maslow's Need Hierarchy

A theory in psychology that prioritizes human needs in a pyramid structure, from basic physiological needs to self-actualization at the top.

Lower Needs

Basic physiological and safety needs in Maslow's hierarchy, such as food, water, shelter, and security.

Higher Needs

Needs that appear at the top of Maslow's hierarchy, such as self-actualization and esteem, referring to personal growth and realization of one's potential.