-Refer to Figure 10.8.If the paper books industry is competitive,the market price will be ________ and the market output will be ________ units.
A) $25; 600
B) $10; 400
C) $20; 800
D) $15; 600

Question

-Refer to Figure 10.8.If the paper books industry is competitive,the market price will be ________ and the market output will be ________ units.
A) $25; 600 
B) $10; 400 
C) $20; 800 
D) $15; 600

Quizplus · Accepted Answer

In a competitive market, the equilibrium price and quantity are determined where the supply and demand curves intersect. The correct choice, C, indicates a price of $20 and a market output of 800 units, which aligns with the typical equilibrium point in supply and demand analysis.