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Table 82 \quad \quad \quad \quad \quad

Question 38

Multiple Choice

Table 8.2

\quad \quad \quad \quad \quad \quad \quad  Demand \text { Demand } \quad \quad \quad \quad \quad \quad \quad \quad  Cost \text { Cost }
 Price(dollars)   Quantity  (cords of  wood)   Quantity  (cords of  wood)   Marginal  cost (dollars)  6051508042601003310012024140\begin{array} { | c | c | c | c | } \hline \text { Price(dollars) } & \begin{array} { c } \text { Quantity } \\\text { (cords of } \\\text { wood) }\end{array} & \begin{array} { c } \text { Quantity } \\\text { (cords of } \\\text { wood) }\end{array} & \begin{array} { c } \text { Marginal } \\\text { cost (dollars) }\end{array} \\\hline 60 & 5 & 1 & 50 \\\hline 80 & 4 & 2 & 60 \\\hline 100 & 3 & 3 & 100 \\\hline 120 & 2 & 4 & 140 \\\hline\end{array}
-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._____ cords of firewood will be bought and sold in the market at equilibrium.


A) 5,000
B) 4,000
C) 3,000
D) 2,000
E) 1,000

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