Industry demand is given by P = 200 – .4Q. The long-run industry costs are such that: LAC = LMC = $80. Based on this information, which of the following is true? a) If the market is a pure monopoly, the price of the good will be $140. b) If the market is perfectly competitive, 300 units of the good will be supplied. c) If the market is perfectly competitive, the price of the good will be $100. d) If the market is a pure monopoly, 200 units of the good will be produced. e) Answers if the market is a pure monopoly, the price of the good will be $140 and if the market is perfectly competitive, 300 units of the good will be supplied are both correct.

Industry demand is given by P = 200 – .4Q. The long-run industry costs are such that: LAC = LMC = $80. Based on this information, which of the following is true? a) If the market is a pure monopoly, the price of the good will be $140. b) If the market is perfectly competitive, 300 units of the good will be supplied. c) If the market is perfectly competitive, the price of the good will be $100. d) If the market is a pure monopoly, 200 units of the good will be produced. e) Answers if the market is a pure monopoly, the price of the good will be $140 and if the market is perfectly competitive, 300 units of the good will be supplied are both correct.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Explain Key principles of economics. your answers should not exceed 100 words
Trying to figure out?
Raad wants to sell his workout DVDS in the Middle East, Asian, and Latin African countries. will help him reach vendors abroad, without the expense of traveling to meet them face-to-face. A website and other technological advances B. Partnering with a large U.S recording studio C. The SBA (Small Business Administration) D. An incubator facility
How is the Rational decision making a complex process?
Choose a simple economic term and explain it.
What does it mean to think like an economist?
Define market value. How do you differentiate it fromintrinsic value?
What is the importance of studying economics? Give an example how it can help you.
economic factors thst affect healthy eating
What are factors affecting economic analysis?
What can microeconomics help in individual daily life?