Suppose There Are 50 Firms in a Perfectly Competitive Market

question 27

Multiple Choice

Suppose there are 50 firms in a perfectly competitive market and each maximizes profit at 50 units of output when market price is $15.00 per unit. One of the points on the market supply curve must be at:

• A) Price = $15 and Quantity supplied = 2,500.
• B) Price = $15 and Quantity supplied = 25,000.
• C) Price = $3.33 and Quantity supplied = 2,500.
• D) Price = $3.33 and Quantity supplied = 25,000.

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