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Suppose That the Market for Painting Services Is Perfectly Competitive

Question 56

Multiple Choice

Suppose that the market for painting services is perfectly competitive. Painting companies are identical and have long-run cost functions given by Suppose that the market for painting services is perfectly competitive. Painting companies are identical and have long-run cost functions given by . The average total cost curve for a firm in this industry is ATC (Q) = ____. A) 18Q<sup>2</sup> - 60Q + 200 B) 6Q<sup>2</sup> - 30Q + 200 C) 6Q<sup>3</sup> - 30Q<sup>2</sup> + 200Q D) 18Q<sup>3</sup> - 30Q<sup>2</sup> + 200Q . The average total cost curve for a firm in this industry is ATC (Q) = ____.


A) 18Q2 - 60Q + 200
B) 6Q2 - 30Q + 200
C) 6Q3 - 30Q2 + 200Q
D) 18Q3 - 30Q2 + 200Q

Correct Answer:

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