Suppose there are 1,000 firms in a perfectly competitive market and each maximizes profit at 25 units of output when market price is $1.00 per unit. One of the points on the market supply curve must be at:
A) Price = $25 and Quantity supplied = 125.
B) Price = $25 and Quantity supplied = 24,000.
C) Price = $1 and Quantity supplied = 125.
D) Price = $1 and Quantity supplied = 25,000.
Correct Answer:
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