Suppose There Are 100 Firms Each with a Short Run

question 17

Multiple Choice

Suppose there are 100 firms each with a short run total cost of STC = q² + q + 10,so that marginal cost is MC = 2q +1.If market demand is given by Q_D = 1050 - 50P,what is the equilibrium price?

• A)5
• B)10
• C)11
• D)50

Identify steps involved in accounting for production activity and assigning costs under a process cost system.

Analyze the implications of over or underapplied overhead in process costing.

Understand the positive impact of social relationships and civic engagement on personal happiness and success.

Identify effective strategies for habit formation and behavior change.

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Definitions:

Corporation

A legal entity that is separate and distinct from its owners, which can own assets, incur liabilities, and be sued or sue.

Advantages

Advantages are benefits or favorable factors that contribute to the success and competitiveness of a business or strategy.

Disadvantages

The negative or less favorable aspects of a situation, decision, or item.

Treasury Stock

Shares bought back by the issuing company, reducing the amount of outstanding stock on the open market.