-In the above figure, assuming Firm 1 and Firm 2 are the sole producers in the industry, the industry quantity supplied at price P2 is equal to

Name: -In the above figure, assuming Firm 1 and Firm 2 are the sole producers in the industry, the industry quantity supplied at price P2 is equal to
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Question

Quizplus · Accepted Answer

At price P2, Firm 1 supplies quantity Q1 and Firm 2 supplies quantity Q3. Therefore, the total industry quantity supplied at price P2 is the sum of these quantities, Q1 + Q3.

-In the Above Figure, Assuming Firm 1 and Firm 2