Use the Following to Answer Questions

question 216

Multiple Choice

Use the following to answer questions:
Figure: Competitive Market
-(Figure: Competitive Market) Refer to the figure. If the market is competitive, price and output in the market would be:

• A) P₁ and Q₁.
• B) P₁ and Q₂.
• C) P₂ and Q₁.
• D) P₂ and Q₂.