(Figure: Price and Quantity X) In this perfectly competitive industry, there are 100 firms with a short-run supply curve represented by S₁ and 50 firms with a short-run supply curve represented by S₂. At a market price of $4.50, industry output is:

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The Answer of (Figure: Price and Quantity X) In this perfectly competitive industry, there are 100 firms with a short-run supply curve represented by S₁ and 50 firms with a short-run supply curve represented by S₂. At a market price of $4.50, industry output is:

(Figure: Price and Quantity X) in This Perfectly Competitive Industry