Solved

Suppose That for Each Firm in the Competitive Market for Potatoes,long-Run

Question 14

Multiple Choice

Suppose that for each firm in the competitive market for potatoes,long-run average cost is minimized at $0.20 per pound when 500 pounds are grown.The demand for potatoes is Q = 10,000/p.If the long-run supply curve is horizontal,then how many firms will this industry sustain in the long run?


A) 0
B) 100
C) 50,000
D) There is not enough information to answer.

Correct Answer:

verifed

Verified

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

Related Questions