In a Certain Industry, the Supply Curve of Any Firm

question 28

Multiple Choice

In a certain industry, the supply curve of any firm is S_i(p) = p/2.If a firm produces 5 units of output, what are its total variable costs?

• A)$37.50
• B)$25
• C)$23
• D)$50
• E)There is not enough information given to determine total variable costs.

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Definitions:

Foundations

Organizations established to provide support for charitable activities, educational endeavors, or other missions.

Corporations

Legal entities that are distinct from their owners, providing them limited liability, and are set up to conduct business or other activities.

Macro Practice

A social work approach focusing on large-scale social processes and structures, aiming at societal change and reform.

Generalist Practice

An approach in social work that equips practitioners with a broad range of skills to address a variety of problems in different settings.