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:
Verified
Correct Answer:
Verified
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