Table 7-11
The following table represents the costs of five possible sellers.

-Refer to Table 7-11. If the market price is $1,100, the combined total cost of all participating sellers is
A) $2,800.
B) $2,900.
C) $1,700.
D) $4,000.

Question

Table 7-11
The following table represents the costs of five possible sellers.
 
-Refer to Table 7-11. If the market price is $1,100, the combined total cost of all participating sellers is
A) $2,800. 
B) $2,900. 
C) $1,700. 
D) $4,000.

Quizplus · Accepted Answer

The combined total cost of all participating sellers at a market price of $1,100 is $2,800, as this is the sum of the costs for sellers who are willing to sell at or below this price.

Table 7-11 The Following Table Represents the Costs of Five Possible Sellers