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(Figure: Price and Quantity X) in This Perfectly Competitive Industry

Question 111

Multiple Choice

(Figure: Price and Quantity X) In this perfectly competitive industry, there are 100 firms with a short-run supply curve represented by S1 and 50 firms with a short-run supply curve represented by S2. At a market price of $4.50, industry output is: (Figure: Price and Quantity X) In this perfectly competitive industry, there are 100 firms with a short-run supply curve represented by S<sub>1</sub> and 50 firms with a short-run supply curve represented by S<sub>2</sub>. At a market price of $4.50, industry output is: A) 700. B) 250. C) 1,050. D) 500.


A) 700.
B) 250.
C) 1,050.
D) 500.

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