Consider a Market with One Large Firm and Many Small

question 40

Multiple Choice

Consider a market with one large firm and many small firms.The supply function of all of the small firms together is S(p) = 200 + p, the market demand curve is D(p) = 400 - p, and the cost function for the large firm is C(y) = 20y.The residual demand curve for the large firm, where D_L is the large firm's demand and y_L is the large firm's output, is

• A)D_L(p)= 400 - 21y_L.
• B)D_L(p) = 200 - 2p.
• C)D_L(p) = 600 - 2p.
• D)D_L(y_L)= 200 - 2p - 20y_L.
• E)D_L(y_L)= 200 - p + 20y_L.

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Definitions:

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