In the Short Run, There Are 500 Identical Firms in a Competitive

question 49

Multiple Choice

In the short run, there are 500 identical firms in a competitive market. The firms do not use any resources that are available in limited quantities, and each of them has the following cost structure: Which of the following is a point on the long-run supply curve?

• A) P=$10, Q=500.
• B) P=$6, Q=1,000.
• C) P=$5, Q=500.
• D) P=$5, Q=1,500.

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Definitions:

Research Objective

A specific, concise, and achievable goal that guides the direction and focus of a research project.

Relevant Secondary Data

Previously collected and published data by someone other than the user, identified as pertinent to a current research problem or question.

Marketing Research Project

A systematic approach to gathering, analyzing, and interpreting data related to the market and consumers to support marketing decision-making.

Churn Rate

A measure of the percentage of customers or subscribers who stop using a company’s services during a given time frame.