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(Figure: Competitive Market) Refer to the Figure

Question 8

Multiple Choice

(Figure: Competitive Market) Refer to the figure. If themarket is competitive, price and output in the market wouldbe: A) P<sub>1</sub> and Q<sub>1</sub>. B) P<sub>1</sub> and Q<sub>2</sub>. C) P<sub>2</sub> and Q<sub>1</sub>. D) P<sub>2</sub> and Q<sub>2</sub>. (Figure: Competitive Market) Refer to the figure. If themarket is competitive, price and output in the market wouldbe:


A) P1 and Q1.
B) P1 and Q2.
C) P2 and Q1.
D) P2 and Q2.

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