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Assume That the Market for Nachos Has Only Two Suppliers

Question 42

Multiple Choice

Assume that the market for nachos has only two suppliers: Firm 1 and Firm 2. According to the table below, if the price of nachos is $6, the market will supply _______ nachos.  Price of  Nachos  Firm 1’s  Supply  Firm 2’s  Supply 000$110$211$321$442$553$664$774$8105\begin{array} { l c l } \hline \begin{array} { l } \text { Price of } \\\text { Nachos }\end{array} & \begin{array} { c } \text { Firm 1's } \\\text { Supply }\end{array} & \begin{array} { l } \text { Firm 2's } \\\text { Supply }\end{array} \\\hline 0 & 0 & 0 \\\$ 1 & 1 & 0 \\\$ 2 & 1 & 1 \\\$ 3 & 2 & 1 \\\$ 4 & 4 & 2 \\\$ 5 & 5 & 3 \\\$ 6 & 6 & 4 \\\$ 7 & 7 & 4 \\\$ 8 & 10 & 5 \\\hline\end{array}


A) 41
B) 6
C) 2
D) 4
E) 10

Correct Answer:

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