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 much will consumers spend,in total,on potatoes?
A) $0
B) $500
C) $10,000
D) $50,000
Correct Answer:
Verified
Correct Answer:
Verified
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