Suppose That,in the Long Run,a Dairy's Variable Costs Are

question 40

Multiple Choice

Suppose that,in the long run,a dairy's variable costs are (where Q is the number of gallons of milk produced each day) ,its marginal cost is and there is an avoidable fixed cost of $50 per day.In the long run there is free entry into the market.What is the efficient scale of production?

• A) 5 gallons per day
• B) 100 gallons per day
• C) 20 gallons per day
• D) 50 gallons per day

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Definitions:

Kantianism

A philosophy based on the ethical theories of Immanuel Kant, emphasizing duty, moral principles, and the categorical imperative.

Morally Good Society

A society characterized by widespread adherence to ethical norms and practices that promote the well-being and rights of all its members.

Moral Development

The process by which individuals grow in their understanding of ethics, morality, and the principles that guide their behavior.

Rawls

A philosopher known for his work in political philosophy, especially in his theory of justice as fairness, emphasizing equality and the social contract.