Multiple Choice
Table 8.2
-Refer to Table 8.2.The perfectly competitive firewood market is composed of 1,000 identical consumers and 1,000 identical firms.The table shows the cost for one representative firm and the demand schedule for one representative consumer.The equilibrium price in this market is _____
A) $60.
B) $80.
C) $100.
D) $120.
E) below $60.
Correct Answer:
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