Suppose a perfectly competitive industry has 300 identical firms in the short run. Each firm faces a marginal cost curve given by MC = 2 + 0.1Q. If the price in the market is $7, what is the individual firm's supply quantity? A) 30 B) 50 C) 40 D) 20

Suppose a perfectly competitive industry has 300 identical firms in the short run. Each firm faces a marginal cost curve given by MC = 2 + 0.1Q. If the price in the market is $7, what is the individual firm's supply quantity? A) 30 B) 50 C) 40 D) 20

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Suppose a perfectly competitive industry has 300 identical firms in the short run. Each firm faces a
marginal cost curve given by MC = 2 + 0.1Q. If the price in the market is $7, what is the individual
firm's supply quantity?
A) 30
B) 50
C) 40
D) 20

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