Multiple Choice
A competitive firm has a long-run total cost function c(y) = 5y2 + 1,125 for y > 0 and c(0) = 0.Its long-run supply function is described as
A) y = p/5 if p > 148, y = 0 if p < 148.
B) y = p/10 if p > 150, y = 0 if p < 150.
C) y = p/10 if p > 153, y = 0 if p < 153.
D) y = p/5 if p > 153, y =0 if p < 165.
E) y = p/5 if p > 155, y = 0 if p < 145.
Correct Answer:
Verified
Correct Answer:
Verified
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