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A Perfectly Competitive Industry Consists of 50 East Coast Firms

Question 62

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A perfectly competitive industry consists of 50 East Coast firms and 80 West Coast firms. Each of the East Coast firms has a short-run supply curve of QE = 20P, and each of the West Coast firms has a short-run supply curve of QW = 30P. A perfectly competitive industry consists of 50 East Coast firms and 80 West Coast firms. Each of the East Coast firms has a short-run supply curve of Q<sub>E</sub> = 20P, and each of the West Coast firms has a short-run supply curve of Q<sub>W</sub> = 30P.

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a. The West Coast firms are the low-cost...

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