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 pounds of potatoes will be consumed in total?
A) 0
B) 500
C) 10,000
D) 50,000
Correct Answer:
Verified
Correct Answer:
Verified
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