If profit maximizing firms in a perfectly competitive industry will produce 14,000 units per day if the market price is $23 and consumers will purchase 14,000 units per day if the market price is $20, then the market equilibrium quantity must be greater than 14,000.

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In a perfectly competitive market, equilibrium is reached when the quantity supplied equals the quantity demanded. Since firms are willing to supply 14,000 units at $23 and consumers are willing to purchase 14,000 units at $20, the equilibrium quantity must be 14,000 units at a price between $20 and $23, not greater than 14,000.

If Profit Maximizing Firms in a Perfectly Competitive Industry Will