Question 15 Under standard Bertrand competition between identical firms in a single market where the firm with the lowe

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Question 15Under standard Bertrand competition between identical firms in asinglemarket where the firm with the lowest price takes the entiremarket(assume the price is non-negative real number),A. There will be no deadweight loss in the marketequilibrium.B. There is a unique equilibrium in which both firms charge theprice equals tomarginal cost plus $1.C. Firms make zero profit, but price may be above the marginalcostD. None of the other choices is correct
Question 16If the demand for a good decreases with a decrease in its price, wesaythat the good is:A. A normal good.B. An inferior good.C. An ordinary good.D. A Giffen good.
Question 17Costs of production for each competitive firm is given by: C(g) = 8+ 2q2Market demand is Qd = 100 - 5p. What is the number of firms inthelong-run equilibrium?A. 100B.90C. 60D. 30
Question 18If the production function is q = x + y where x and y are theamounts oftwo factors used. The price of x is $3 and the price of y is $5,what is theminimum cost of producing 20 output?A. $160B. $60C. $100D. $80