A Firm Has a Long-Run Cost Function, C(q)= 8q²

question 11

Multiple Choice

A firm has a long-run cost function, C(q) = 8q² + 288.In the long run, this firm will supply a positive amount of output, as long as the price is greater than

• A)$200.
• B)$192.
• C)$96.
• D)$48.
• E)$101.

Understand the concepts of opportunity cost and comparative advantage in the context of resource allocation and production efficiency.

Explore the effect of changes in consumer preferences and external shocks (such as wars) on the production possibilities of an economy.

Learn the potential outcomes of improvements in education and general knowledge on economic growth and production possibilities.

Comprehend how household choices and preferences can influence economic decisions and patterns of consumption.

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Definitions:

Complements

Goods or services that are used together, where the demand for one increases the demand for the other.

ATMs

Automated Teller Machines, electronic banking outlets that allow customers to complete transactions without the need for a human clerk or bank teller.

Banking Industry

The sector of the economy made up of banks and financial institutions that provide services like accepting deposits, lending money, and other financial activities.

Substitutes

Goods or services that can be used in place of each other, having the ability to satisfy similar consumer needs or desires.