Refer to the Information Provided in Figure 8

Multiple Choice

Refer to the information provided in Figure 8.11 below to answer the question(s) that follow. Figure 8.11
-Refer to Figure 8.11. Assuming the wool market (industry) is perfectly competitive and the industry consists of 100 firms of identical size, each firm would produce an average of ________ pounds of wool and sell the wool for ________ per pound.

A) 50; $0.03
B) 5,000; $3.00
C) 5,000; $0.03
D) 50; $3.00