The first table shows cost data for a single firm. Now suppose that there are 600 identical firms in this industry, each with the same cost data. Suppose, too, that the demand curve for this industry is as shown in the second table. Based on all these data, the equilibrium price of the product in the market will be
A)$60.
B)$95.
C)$120.
D)$75.

Question

The first table shows cost data for a single firm. Now suppose that there are 600 identical firms in this industry, each with the same cost data. Suppose, too, that the demand curve for this industry is as shown in the second table.  Based on all these data, the equilibrium price of the product in the market will be
A)$60. 
B)$95. 
C)$120. 
D)$75.

Quizplus · Accepted Answer

The Answer of  The first table shows cost data for a single firm. Now suppose that there are 600 identical firms in this industry, each with the same cost data. Suppose, too, that the demand curve for this industry is as shown in the second table.  Based on all these data, the equilibrium price of the product in the market will be
A)$60. 
B)$95. 
C)$120. 
D)$75.

The First Table Shows Cost Data for a Single Firm