If there are 1,000 identical rice farmers who are each willing to supply 200 bushels of rice at $2 per bushel,what price and quantity combination is a point on the market supply curve for rice?

Question

Quizplus · Accepted Answer

The market supply curve for rice is the horizontal sum of the individual supply curves of all the rice farmers in the market. With 1,000 identical rice farmers each willing to supply 200 bushels of rice at $2 per bushel, the market supply will be the sum of all these individual supplies, which would be 1,000 x 200 = 200,000 bushels at $2 per bushel. Therefore, the correct answer is B) $2 and 200,000 bushels.

If There Are 1,000 Identical Rice Farmers Who Are Each