Use the figure to answer the following question(s).
Figure 11-13
-If the firms in the industry depicted in Figure 11-13 compete with each other, what would the industry's price and output be?
A) price, $10; output, 600
B) price, $15; output, 500
C) price, $20; output, 400
D) price, $25; output, 300

Question

Use the figure to answer the following question(s).
Figure 11-13 
-If the firms in the industry depicted in Figure 11-13 compete with each other, what would the industry's price and output be?
A) price, $10; output, 600 
B) price, $15; output, 500 
C) price, $20; output, 400 
D) price, $25; output, 300

Quizplus · Accepted Answer

The correct answer is A because the intersection of the industry demand curve and the industry supply curve occurs at a price of $10 and an output of 600.

Use the Figure to Answer the Following Question(s)