Use the Table Below to Answer the Following Question

question 48

Multiple Choice

Use the table below to answer the following question.
Table 11.4.1

-Refer to Table 11.4.1.The top table shows the market demand schedule for paper.The market is perfectly competitive and there are 1,000 firms that produce paper.Each firm has the costs shown in the bottom table when it uses its least-cost plant.The market price in the long run is ________ a box and the equilibrium quantity produced in the long run is ________ boxes a week.

• A)$11.60;250,000
• B)$10.00;400,000
• C)$10.00;300,000
• D)$6.40;a little more than 400,000
• E)$8.40;350,000

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