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There Are 100 Identical Demanders of Product Y, and the Demand

Question 27

Multiple Choice

There are 100 identical demanders of product y, and the demand function for each individual is y = 10 - p. The production function for any firm is y = min(z1,z2) . The long- run cost function for any firm is:


A) y*(w1 + w2) .
B) y*w1 if w1 < w2.
C) y*(w1 + w2) /2.
D) y*min(w1,w2) .

Correct Answer:

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