In a perfectly competitive market with 2,000 firms, output is zero at prices less than $10. At prices of $10 to $19.99, each firm will produce 100 units of output. At any price of $20 or more, each firm will produce 300 units of output. As this industry expands output, however, prices of the key inputs to production increase substantially. The total industry output at a market price of $33 is:
A) between 200,000 and 800,000.
B) 600,000 or less.
C) greater than 600,000.
D) 800,000.
Correct Answer:
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