Figure 14-9

question 196

Multiple Choice

Figure 14-9
In the figure below, panel (a) depicts the linear marginal cost of a firm in a competitive market, and panel (b) depicts the linear market supply curve for a market with a fixed number of identical firms.
-Refer to Figure 14-9. When 100 identical firms participate in this market, at what price will 15,000 units be supplied to this market?

• A)$1.00
• B)$1.50
• C)$2.00
• D)The price cannot be determined from the information provided.

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Definitions:

Marketers

Professionals or organizations involved in promoting, selling, and distributing a product or service to consumers, including market research and advertising.

Profitable

Having a financial gain or beneficial outcome, especially after all expenses have been deducted.

Market Segments

Distinct groups of consumers within a market who share similar needs, desires, and characteristics, allowing for targeted marketing strategies.

Behavioral Segmentation Variable

Criteria used in market segmentation based on patterns of consumer behavior, such as purchasing habits or brand interactions, to tailor marketing strategies.