An Industry Has Two Firms Each of Which Produces Output

question 43

Multiple Choice

An industry has two firms each of which produces output at a constant unit cost of $10 per unit.The demand function for the industry is q = 1,000,000/p.The Cournot equilibrium price for this industry is

• A)$5.
• B)$10.
• C)$15.
• D)$20.
• E)$25.

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Definitions:

Sensorimotor Development

The stage in Jean Piaget's theory of cognitive development, from birth to about age 2, where infants learn about the world through their sensory and motor interactions.

Sensorimotor Stage

The first of Piaget's four stages of cognitive development, from birth to about 2 years, where infants learn about the world through basic actions such as sucking, grasping, looking, and listening.

Deliberate

Intentional or carefully considered action or decision.

Sensorimotor Stage

The first stage of cognitive development according to Jean Piaget, where infants learn about the world through their senses and motor activities.