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(Figure: Price and Quantity of Output and Table I) for Simplicity

Question 71

Multiple Choice

(Figure: Price and Quantity of Output and Table I) For simplicity, assume that there are only three firms in a perfectly competitive industry; their short-run supply curves are depicted in the graph. At a market price of $20, the industry output is ____. (Figure: Price and Quantity of Output and Table I) For simplicity, assume that there are only three firms in a perfectly competitive industry; their short-run supply curves are depicted in the graph. At a market price of $20, the industry output is ____. A) 15 B) 9.5 C) 4 D) 1 (Figure: Price and Quantity of Output and Table I) For simplicity, assume that there are only three firms in a perfectly competitive industry; their short-run supply curves are depicted in the graph. At a market price of $20, the industry output is ____. A) 15 B) 9.5 C) 4 D) 1


A) 15
B) 9.5
C) 4
D) 1

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