In the Short Run for a Particular Market, There Are

question 255

Multiple Choice

In the short run for a particular market, there are 300 firms. Each firm has a marginal cost of $30 when it produces 200 units of output. One point on the market supply curve is

• A) quantity = 100,000; price = $30.
• B) quantity = 300; price = $30.
• C) quantity = 600,000; price = $30.
• D) quantity = 600,000; price = $90,000.

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Definitions:

Diffusion of Innovation

The process by which a new idea, product, or practice spreads within a society or from one society to another, often influenced by factors like social networks and communication.

Product Adopters

Individuals or entities that purchase or use new products soon after they are launched, often categorized into groups based on adoption timing.

Innovators

Individuals or organizations that are first to explore and adopt new technologies, processes, or practices before they become mainstream.

Information Sources

Origins or providers of data, facts, or knowledge, which can range from books and people to databases and websites.