Exhibit 3-11

-Refer to Exhibit 3-12. Fill in blanks (C)and (D)respectively with the market quantity supplied at each given price.
A) 17.75; 21.00
B) 47; 52
C) 50; 55
D) 71; 84
E) none of the above

Question

Exhibit 3-11
 
-Refer to Exhibit 3-12. Fill in blanks (C)and (D)respectively with the market quantity supplied at each given price.
A) 17.75; 21.00 
B) 47; 52 
C) 50; 55 
D) 71; 84 
E) none of the above

Quizplus · Accepted Answer

The market quantity supplied is the sum of the individual quantities supplied by each firm. At a price of $17.75, Firm A supplies 25 units, Firm B supplies 26 units, and Firm C supplies 20 units. Therefore, the market quantity supplied is 25 + 26 + 20 = 71 units. At a price of $21.00, Firm A supplies 30 units, Firm B supplies 32 units, and Firm C supplies 22 units. Therefore, the market quantity supplied is 30 + 32 + 22 = 84 units.

Exhibit 3-11 -Refer to Exhibit 3-12. Fill in Blanks (C)and (D)respectively with Blanks