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

Question

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

Quizplus · Accepted Answer

The Answer of 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

Refer to the Information Provided in Figure 8