A Firm Has a Long-Run Cost Function, C(q) = 8q²

question 5

Multiple Choice

A firm has a long-run cost function, C(q) = 8q² + 72. In the long run, this firm will supply a positive amount of output, as long as the price is greater than

• A) $48.
• B) $104.
• C) $96.
• D) $24.
• E) $53.

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Definitions:

Yitzhak Rabin

The fifth Prime Minister of Israel, known for his efforts in the peace process with Palestine, including the signing of the Oslo Accords.

Gaza Strip

A small region on the eastern coast of the Mediterranean Sea that borders Egypt and Israel, known for its historic conflict and as a significant geographical area in the Israeli-Palestinian conflict.

West Bank

A territory located in the Middle East, bordered by Israel and Jordan, known for its ongoing political and territorial disputes.

Service Reduction

The process of decreasing the level or quantity of services provided, typically as a cost-saving measure or due to decreased demand.