Solved

A Representative Firm with Long-Run Total Cost Given by TC

Question 30

Multiple Choice

A representative firm with long-run total cost given by TC = 20 + 20q + 5q2 operates in a competitive industry where the short-run market demand and supply curves are given by QD = 1,400 - 40P and QS = -400 + 20P.If it continues to operate in the long run,its profit-maximizing level of output is:


A) 1 unit.
B) 2 units.
C) 4 units.
D) 5 units.
E) 6 units.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents