67. In a perfectly competitive market, industry demand is given by Q = 1000 – 20P. The typical firm’s average cost is TC = 300 + Q2 /3, and marginal cost by MC = (2/3)Q.Suppose there are 10 identical firms in the market. What is the market supply?A. 30QB. 40QC. 15QD. 5Q In a perfectly competitive market, industry demand is givenby Q = 1000 - 20P. The typical firm's average cost is TC =300 + Q? /3, and marginal cost by MC = (2/3)Q.Suppose there are 10 identical firms in the market. What isthe market supply?30Q40Q15Q5Q

In a perfectly competitive market, P=MC so keeping P in place of MC: MC=(2/3)Q P=(2/3)Q So, quantity…

67. In a perfectly competitive market, industry demand is given by Q = 1000 – 20P. The typical firm’s average cost is TC = 300 + Q2 /3, and marginal cost by MC = (2/3)Q. Suppose there are 10 identical firms in the market. What is the market supply? A. 30Q B. 40Q C. 15Q D. 5Q

67. In a perfectly competitive market, industry demand is given by Q = 1000 – 20P. The typical firm’s average cost is TC = 300 + Q2 /3, and marginal cost by MC = (2/3)Q. Suppose there are 10 identical firms in the market. What is the market supply? A. 30Q B. 40Q C. 15Q D. 5Q

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter10: Prices, Output, And Strategy: Pure And Monopolistic Competition

Section: Chapter Questions

Problem 6E

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Question

67. In a perfectly competitive market, industry demand is given by Q = 1000 – 20P. The typical firm’s average cost is TC = 300 + Q²/3, and marginal cost by MC = (2/3)Q.

Suppose there are 10 identical firms in the market. What is the market supply?

A. 30Q

B. 40Q

C. 15Q

D. 5Q

In a perfectly competitive market, industry demand is given
by Q = 1000 - 20P. The typical firm's average cost is TC =
300 + Q? /3, and marginal cost by MC = (2/3)Q.
Suppose there are 10 identical firms in the market. What is
the market supply?
30Q
40Q
15Q
5Q

Definition Definition Structure of the market that exists when many buyers and sellers exchange similar commodities and prices are fixed by market forces, demand, and supply. When there is perfect competition, a single business cannot impact the price or market value of the homogenous product.

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