A Competitive Firm Has a Long-Run Total Cost Function C(y)=

question 3

Multiple Choice

A competitive firm has a long-run total cost function c(y) = 2y2 + 288 for y > 0 and c(0) = 0.Its long-run supply function is described as

• A)y = p/2 if p > 46, y = 0 if p < 46.
• B)y = p/2 if p > 51, y = 0 if p < 54.
• C)y = p/4 if p > 48, y = 0 if p < 48.
• D)y = p/4 if p > 51, y = 0 if p < 51.
• E)y = p/2 if p > 53, y = 0 if p < 43.

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The adjustment process individuals undergo to integrate with or accommodate themselves to different cultural practices and settings.

Business Practices

Customary methods or procedures in the conduct of business activities.

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