In the short run for a particular market, there are 300 firms. Each firm has a marginal cost of $30 when it produces 200 units of output. $30 is above every firm's average variable cost. One point on the market supply curve is
a. quantity = 300; price = $30.
b. quantity = 600,000 . price = $90,000.
c. quantity = 100,000 . price = $30.
d. quantity = 60,000 . price = $30.
d
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The study of how people make decisions in situations where attaining their goals depends on their interactions with others is called
A) game theory. B) dominant strategy equilibrium. C) the prisoner's dilemma. D) Nash equilibrium.
A good way to encourage agricultural production is to
a. encourage farmers to work harder b. subsidize input prices for farmers c. permit farm prices to rise with increasing demand d. create a monopoly firm to buy all farm output e. all of the above
The typical welfare family would be
A. A single woman with 6 or 8 children. B. A single woman with 1 or 2 children. C. A couple about 70-80 years old. D. A childless male in his 30s or 40s.
The amount of one currency that must be paid to obtain one unit of another currency is the ________________.
Fill in the blank(s) with the appropriate word(s).