Exhibit 3-12 ---------------------------------------------------Quantity Supplied --------------------------------------------
Assume that Aline, Bentley, Calvin, and Daniel are the only sellers in this market.
Refer to Exhibit 3-12. Fill in blanks (A)and (B)respectively with the market quantity supplied at each given price.
A)12.25; 14.75
B)49; 59
C)48; 61
D)8.00; 8.71

Question

Exhibit 3-12 ---------------------------------------------------Quantity Supplied --------------------------------------------
 Assume that Aline, Bentley, Calvin, and Daniel are the only sellers in this market.
Refer to Exhibit 3-12.  Fill in blanks (A)and (B)respectively with the market quantity supplied at each given price.
A)12.25; 14.75 
B)49; 59 
C)48; 61 
D)8.00; 8.71

Quizplus · Accepted Answer

Based on the graph, the market quantity supplied is the sum of the quantity supplied by all sellers at each given price. At a price of $4.50, Aline supplies 6 units, Bentley supplies 1 unit, Calvin supplies 4 units, and Daniel supplies 4 units, resulting in a total quantity supplied of 15 units. At a price of $7.50, Aline supplies 7 units, Bentley supplies 3 units, Calvin supplies 8 units, and Daniel supplies 6 units, resulting in a total quantity supplied of 24 units. Adding up all the quantities supplied at each price level, we get a market quantity supplied of 48 units at a price of $4.50 and 61 units at a price of $7.50. Therefore, option C (48; 61) is the correct answer.