Solved

Suppose That 100 Firms, Each with the Supply Function Q=0

Question 28

Multiple Choice

Suppose that 100 firms, each with the supply function Q=0.01P are in a particular market. If the market demand is Q=10- 0.5P then the market price is:


A) 0.01.
B) 10.
C) 0.5.
D) 5.

Correct Answer:

verifed

Verified

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

Related Questions

Q23: In an increasing cost industry, the long

Q24: Since long- run economic profits for

Q25: Producer Surplus is:<br>A)the difference between value and

Q26: Which of the following constitutes a necessary

Q27: There are 100 identical demanders of product

Q29: The market for widgets is competitive and

Q30: The competitive firm's supply curve:<br>A)gives the profit-

Q31: If a typical firm has TC given

Q32: There are 100 identical demanders of product

Q33: Suppose a perfectly competitive firm has the