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

question 330

Multiple Choice

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

-Refer to Table 7-7.Suppose each of the five sellers can supply at most one unit of the good.The market quantity supplied is exactly 3 if the price is

• A) $670.
• B) $770.
• C) $970.
• D) $1,170.

---

Definitions:

Markets For Factors Of Production

The markets where services of the factors of production (namely labor, capital, and land) are bought and sold.

Construction Company

A business entity focused on building, repairing, maintaining, or demolishing structures, such as buildings, roads, and bridges.

Investment Firm

A company that invests the funds of clients in a variety of assets with the goal of generating financial returns.

Capital Input

Capital input refers to the amount of physical assets used in the production process, including buildings, machinery, and equipment.