Multiple Choice
In a perfectly competitive market with 50 firms, output is zero at prices less than $20. At prices of $20 to $29.99, each firm will produce 1 unit of output. At any price of $30 or more, each firm will produce 3 units of output. At a price of $27, the industry produces _____ units, and at a price of $35, the industry produces _____units.
A) 16.67; 50
B) 50; 150
C) 30; 75
D) 9; 45
Correct Answer:
Verified
Correct Answer:
Verified
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