The first table shows cost data for a firm that is selling in a purely competitive market. Now assume there are 100 identical firms in this industry, each of which has the same cost data as the single firm described in the cost table. Now consider the demand curve data for this industry as shown in the second table. The equilibrium price in the market will be
A)$140.
B)$180.
C)$230.
D)$290.

Question

The first table shows cost data for a firm that is selling in a purely competitive market. Now assume there are 100 identical firms in this industry, each of which has the same cost data as the single firm described in the cost table. Now consider the demand curve data for this industry as shown in the second table.  The equilibrium price in the market will be
A)$140. 
B)$180. 
C)$230. 
D)$290.

Quizplus · Accepted Answer

The Answer of  The first table shows cost data for a firm that is selling in a purely competitive market. Now assume there are 100 identical firms in this industry, each of which has the same cost data as the single firm described in the cost table. Now consider the demand curve data for this industry as shown in the second table.  The equilibrium price in the market will be
A)$140. 
B)$180. 
C)$230. 
D)$290.

The First Table Shows Cost Data for a Firm That