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

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Definitions:

Cognitive Factors

Refer to mental processes such as perception, memory, and reasoning that influence behavior and learning.

Attentional Processes

Refers to the cognitive functions that allow individuals to focus selectively on specific stimuli while ignoring others, affecting perception, memory, and decision-making.

Retention

Retention refers to the ability to keep or hold onto information, experiences, or material over time without losing it.

Production Processes

Refers to the series of steps or operations used to transform raw materials or components into finished goods or services.