Question
Assume that the typical firm operates under perfect competition. The market price is currently at P=114.The (inverse) market demand function is P=154-4Q. Question 40(1 point)
Assume that the typical firm operates under perfect competition. The market price is currently at P=114.The (inverse) market demand function is P=154-4Q.
Question 40(1 point)
What quantity will the typical firm supply at a price of P=114?
Question 40 options:
2
3
4
5
Question 41(1 point)
How much profit does the typical firm make at a price of P=114?
Question 41 options:
0
120
328
648
Question 42(1 point)
How many firms will be in the market when the price is P=114?
Question 42 options:
1
2
3
4
Question 43(1 point)
What will be the long run equilibrium price?
Question 43 options:
2
12
34
68
Question 44(1 point)
What quantity will the typical firm supply in the long run equilibrium?
Question 44 options:
1
2
3
4
Question 45(1 point)
How many firms will be in the market in the long run equilibrium?
Question 45 options:
8
10
12
15
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