A Firm Has a Long-Run Cost Function, C(q) = 4q²

question 11

Multiple Choice

A firm has a long-run cost function, C(q) = 4q² + 4. In the long run, this firm will supply a positive amount of output, as long as the price is greater than

• A) $8.
• B) $4.
• C) $24.
• D) $16.
• E) $13.

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Definitions:

Irrigation System

A network of channels, pipes, or ditches designed to transport water to areas where it is needed for agricultural purposes.

Reasonable Estimate

An approximation or educated guess based on available information and sound judgment, considered to be fair under the circumstances.

Breaches

Acts of breaking or failing to observe a law, agreement, or code of conduct.

Specify

To clearly identify or describe something in detail.