Consider a Market with One Large Firm and Many Small

question 40

Multiple Choice

Consider a market with one large firm and many small firms.The supply function of all of the small firms together is S(p) = 200 + p, the market demand curve is D(p) = 400 - p, and the cost function for the large firm is C(y) = 20y.The residual demand curve for the large firm, where D_L is the large firm's demand and y_L is the large firm's output, is

• A)D_L(p)= 400 - 21y_L.
• B)D_L(p) = 200 - 2p.
• C)D_L(p) = 600 - 2p.
• D)D_L(y_L)= 200 - 2p - 20y_L.
• E)D_L(y_L)= 200 - p + 20y_L.

Understand the role of procedural and distributive justice in organizational justice.

Understand the basic principles and levels of Maslow's hierarchy of needs.

Identify different types of needs such as physiological, security, affiliation, esteem, and self-actualization.

Recognize the application of Maslow's hierarchy of needs in organizational settings and employee motivation.

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Definitions:

Budgeted Costs

Estimated financial expenditures forecasted for a specific future period, often categorized by type or department.

Departmental Overhead Rates

The allocation of indirect costs to specific departments based on a predetermined formula, used to accurately assign costs to products based on the departments they pass through.

Direct Labor Hours

The total hours of labor directly involved in the manufacturing or production of goods, often used as a basis for allocating manufacturing overhead.

Machine Hours

A measure of production time, representing the number of hours a machine is operated in the manufacturing process.