A Competitive Firm Has a Long-Run Total Cost Function C(y)=

question 33

Multiple Choice

A competitive firm has a long-run total cost function c(y) = 5y2 + 1,125 for y > 0 and c(0) = 0.Its long-run supply function is described as

• A)y = p/5 if p > 148, y = 0 if p < 148.
• B)y = p/10 if p > 150, y = 0 if p < 150.
• C)y = p/10 if p > 153, y = 0 if p < 153.
• D)y = p/5 if p > 153, y =0 if p < 165.
• E)y = p/5 if p > 155, y = 0 if p < 145.

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Definitions:

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Employer-provided Vehicle

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Accrual Basis of Accounting

An accounting method where revenues and expenses are recorded when they are earned or incurred, regardless of when the cash is actually received or paid.

Cash Receipts and Disbursements

An accounting method that tracks the actual cash flow, recording revenues when received and expenses when paid.