Suppose That the Market Demand Curve for Bean Sprouts Is

question 29

Multiple Choice

Suppose that the market demand curve for bean sprouts is given by P = 880 - 4Q, where P is the price and Q is the total industry output. Suppose that the industry has two firms, a Stackelberg leader and a follower. Each firm has a constant marginal cost of $80 per unit of output. In equilibrium, total output by the two firms will be

• A)100
• B)50
• C)150
• D)200
• E) 25.

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Definitions:

Stereotype Threat

A self-confirming concern that one will be evaluated based on a negative stereotype.

Polygenetics

A scientific perspective focused on the study of how multiple genes interact to influence the development of specific traits in organisms.

Biologically Determined

Features or traits that are shaped by genetic factors rather than environmental influences.

Identical Twins

Twins that develop from a single fertilized egg and share exactly the same genetic material.