Table 4-3

-Refer to Table 4-3.If these are the only four sellers in the market,then when the price increases from $6 to $8,the market quantity supplied

Question

Table 4-3
 
-Refer to Table 4-3.If these are the only four sellers in the market,then when the price increases from $6 to $8,the market quantity supplied

Quizplus · Accepted Answer

From the table, we can see that at a price of $6, the total quantity supplied is 10 units. At a price of $8, Seller 1 will increase their quantity supplied from 2 to 4 units, Seller 2 will increase from 3 to 4 units, Seller 3 will increase from 1 to 2 units, and Seller 4 will increase from 4 to 8 units. This leads to a total quantity supplied of 18 units. Therefore, the market quantity supplied increases by 2 units (18 - 10 = 2) when the price increases from $6 to $8.

Table 4-3 -Refer to Table 4-3.If These Are the Only Four Sellers