Figure 14-10

question 482

Multiple Choice

Figure 14-10
In the figure below, panel (a) depicts the linear marginal cost of a firm in a competitive market, and panel (b) depicts the linear market supply curve for a market with a fixed number of identical firms.
-Refer to Figure 14-10. If there are 700 identical firms in this market, what is the value of Q2?

• A)140,000
• B)210,000
• C)280,000
• D)420,000

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Definitions:

Congressional Powers

The authority granted to the U.S. Congress by the Constitution, including making laws, declaring war, and regulating interstate and foreign commerce.

Concurrent Powers

Powers held and exercised by both federal and state governments simultaneously under a federal system of governance, such as the power to tax or build roads.

Commerce Clause

A provision in the U.S. Constitution giving Congress the power to regulate commerce with foreign nations, among the states, and with Native American tribes.

Interstate Commerce

Commercial transactions or movement of goods and services that cross state boundaries within the United States.