In Problem 4, Suppose That Each Firm Has the Cost

question 17

Multiple Choice

In Problem 4, suppose that each firm has the cost function c(y) = y² + 9 for y > 0 and c(0) = 0. With industry demand given by D(p) = 51 - p, the equilibrium price and equilibrium number of firms in the industry (in that order) will be

• A) $8 and 11.
• B) $3 and 18.
• C) $3 and 48.
• D) $6 and 15.
• E) $6 and 45.

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Definitions:

Role Set

The array of roles attached to a single status or social position that an individual occupies, illustrating the complexity of social interactions.

Status Set

A collection of social statuses that an individual occupies, such as student, parent, employee, which define roles and expectations.

Master Status

A status that has exceptional importance for social identity, often shaping a person's entire life and how they are perceived by others.

Statuses

Positions or rankings that individuals hold within a social hierarchy, which influence their rights, responsibilities, and relationships.