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:

Cerebral Cortex

The outer layer of the brain, involved in high-level functions such as thought, language, and consciousness.

Medulla

The inner region of an organ or tissue, especially the medulla oblongata, which is a part of the brainstem controlling vital body functions such as breathing and heart rate.

General Adaptation Syndrome

According to Hans Selye, a series of physiological reactions to stress occurring in three phases: alarm, resistance, and exhaustion.

Resistance Phase

The second stage of the general adaptation syndrome, where the body adapts to and resists stress, but at a high cost to its energy resources.