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. The firms supply curve in terms of P is: A. 3Q B. 1.5Q C. 2.5Q D. 0.67Q

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. The firms supply curve in terms of P is: A. 3Q B. 1.5Q C. 2.5Q D. 0.67Q

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

66. 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.

The firms supply curve in terms of P is:

A. 3Q

B. 1.5Q

C. 2.5Q

D. 0.67Q

In a perfectly competitive market, industry demand is given
by Q = 1000 - 20P. The typical fırm's average cost is TC =
300 + Q? /3, and marginal cost by MC = (2/3)Q.
%3D
The firms supply curve in terms of P is:
3Q
1.5Q
2.5Q
0.67Q

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