Figure 14-9

question 82

Multiple Choice

Figure 14-9
In the figure below, panel (a) depicts the linear marginal cost of a firm in a competitive market, and panel (b) depicts the linear market supply curve for a market with a fixed number of identical firms.
-Refer to Figure 14-9. If there are 400 identical firms in this market, what level of output will be supplied to the market when price is $2.00?

• A)10,000
• B)20,000
• C)40,000
• D)80,000

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Definitions:

Functional Structures

An organizational structure where the company is divided into departments based on specific functions or roles, such as marketing, finance, or human resources, enhancing specialization and efficiency.

Organic

Pertains to living systems or compounds containing carbon, or in business, refers to growth achieved through internal processes.

Formal

Following or conforming to established rules, conventions, or ceremonies.

Regulations

Rules or directives made and maintained by an authority to regulate behavior or achieve compliance.