The Market for Sweet Potatoes Consists of 1,000 Identical Firms

question 39

Multiple Choice

The market for sweet potatoes consists of 1,000 identical firms. Each firm has a short-run total cost curve of STC = 100 + 100 q + 100q², and a short-run marginal cost curve of SMC=100+200q where q is output. All fixed costs are sunk. What is the equation of the short-run market supply curve?

• A) Q^s = 5P-500 for P≥100, and Q^s=0 otherwise.
• B) P = 100000+200000q, P≥200, and Q^s=0 otherwise.
• C) Q^s = P/200 - .5 for P≥100, and Q^s = 0 otherwise.
• D) Q^s= 5P-500 for P ≥200, and Q^s=0 otherwise.

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Definitions:

Human Brain

The central organ of the human nervous system, responsible for processing sensory information, coordinating movement, and facilitating cognition and emotions.

Cerebrum

The largest part of the brain, responsible for voluntary activities, sensation, thought, reasoning, and memory.

Cerebellum

A part of the brain located at the back of the skull that regulates coordination and balance.

Brainstem

The lower part of the brain, connecting the cerebrum with the spinal cord, and responsible for controlling basic life functions such as breathing and heartbeat.