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:

Industrial Revolution

A period of major industrialization from the late 18th to early 19th century that transformed mostly rural, agrarian societies in Europe and America into industrial and urban.

Britain

A country located on the island of Great Britain, part of the United Kingdom, known for its rich history, cultural influence, and political power.

France

A country in Western Europe known for its cultural influence, history, and contributions to art, philosophy, and science, as well as its role in various global affairs.

Utopian Societies

Idealistic communities or societies aiming to create a perfect social, legal, and political system, often portrayed in literature and philosophy.