Multiple Choice
Suppose that there are 1,000 firms in a perfectly competitive industry, each with a short-run total cost curve given by TC = 800 + 8Q + 0.1Q2 and marginal cost curve given by MC = 8 + 0.2Q. The short-run profit-maximizing output level for each firm at a market price of $20 is ____.
A) 70
B) 60
C) 50
D) 0
Correct Answer:
Verified
Correct Answer:
Verified
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