Use the Following General Linear Supply Function: Where

question 8

Multiple Choice

Use the following general linear supply function: where is the quantity supplied of the good,P is the price of the good, is the price of an input,and F is the number of firms producing the good.If = $20,F = 60,and the demand function is the equilibrium price and quantity are,respectively,

• A)P = $10 and Q = 640.
• B)P = $8 and Q = 326.
• C)P = $10 and Q = 540.
• D)P = $8 and Q = 640.
• E)none of the above.

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