Quantity of Frozen Latte-On-A-Stick Supplied
Table 3.1
-Refer to Table 3.1, which shows Flo's and Rita's individual supply schedules for frozen latte-on-a-stick. Assuming Flo and Rita are the only suppliers in the market, if the market quantity supplied is 3, the price must be

Question

Quantity of Frozen Latte-On-A-Stick Supplied
  Table 3.1
-Refer to Table 3.1, which shows Flo's and Rita's individual supply schedules for frozen latte-on-a-stick. Assuming Flo and Rita are the only suppliers in the market, if the market quantity supplied is 3, the price must be

Quizplus · Accepted Answer

Looking at Table 3.1, the market quantity supplied is the sum of Flo's and Rita's individual supplies. At a price of $2, Flo will supply 1 unit and Rita will supply 2 units. This gives a total market supply of 3 units, which matches the given market quantity supplied. Therefore, the price must be $2. If the price were any higher, the market quantity supplied would be less than 3, and if the price were any lower, the market quantity supplied would be more than 3.