Suppose There Are 100 Firms Each with a Short Run

question 39

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,how much will be produced in the market?

• A)300
• B)400
• C)500
• D)600

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Definitions:

Simulation Results

The data or outcomes obtained from running simulations, representing possible scenarios or behaviors of a system under study.

Final Number

The conclusive or ultimate figure that results from a series of calculations, measurements, or operations.

Customers

Individuals or entities that purchase goods or services produced by a business.

Lot Size

The number of units of product, shares, or other securities traded or manufactured in a single transaction or production run.