The Market Demand for Milk Is Additionally,suppose That a Dairy's

question 27

Multiple Choice

The market demand for milk is Additionally,suppose that 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.Suppose the demand for milk doubles.If in the short run the number of firms is fixed and their fixed costs are sunk,what is the short run equilibrium price?

• A) $20
• B) $24
• C) $10
• D) $40

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Definitions:

Erving Goffman

A sociologist famed for contributions to symbolic interactionism and the theory of self-presentation in daily life.

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An American sociologist, philosopher, and psychologist known for his work on symbolic interactionism and social self-concept.

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