Quantity of Frozen Latte-On-A-Stick Supplied
Table 3.1
-Refer to Table 3.1, which shows Flo's and Rita's individual supply schedules for frozen latte-on-a-stick. Assuming Flo and Rita are the only suppliers in the market, if the market quantity supplied is 18, the price must be

Question

Quantity of Frozen Latte-On-A-Stick Supplied
  Table 3.1
-Refer to Table 3.1, which shows Flo's and Rita's individual supply schedules for frozen latte-on-a-stick. Assuming Flo and Rita are the only suppliers in the market, if the market quantity supplied is 18, the price must be

Quizplus · Accepted Answer

At a price of $4, Flo will supply 10 frozen lattes and Rita will supply 8 frozen lattes, for a total market quantity supplied of 18 frozen lattes, which matches the given market quantity supplied. At any other price, the market quantity supplied will be different, either too low or too high. Therefore, the price must be $4 to achieve a market quantity supplied of 18.