QUESTION 13 P(Q) 1,500-700 Suppose further that the market is perfectly competitive, and that participating firms...

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QUESTION 13 P(Q) 1,500-700 Suppose further that the market is perfectly competitive, and that participating firms each have marginal cost of 100. What is the equilibrium quantity demanded? A 30 B. 10 C.O D 20

business economics

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Answer 1

Answer #1

In perfectly competitive market situation,

MC = P(Q)

100 = 1500 - 70Q

70Q = 1400

Q = 20

So Correct option will be D

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Answer 2

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QUESTION 13 P(Q) 1,500-700 Suppose further that the market is perfectly competitive, and that participating firms...