Use the Following General Linear Supply Function: Where

question 29

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.Suppose = $40 and F = 50,what is the lowest price that will induce firms to supply 400 units of output?

• A)$15
• B)$20
• C)$25
• D)$30
• E)$35

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Definitions:

Good Samaritan Statutes

Laws offering protection to individuals who give reasonable aid to those who are injured or in peril, without fear of being sued for unintentional harm.

Impose Liability

To legally hold an individual or entity responsible for causing harm or damage, making them subject to penalties or compensation.

Pure Comparative Negligence

A defense accepted in some states whereby the defendant is not liable for the percentage of harm that he or she can prove can be attributed to the plaintiff’s own negligence.

25%

A quarter of something, often referred to in contexts of percentages, rates, or divisions.