Table: Three Firms This Table Provides Information on Three Firms in a Competitive

question 151

Multiple Choice

Table: Three Firms $$\begin{array} { l c } \hline \text { Firm } & \text { Quantity Produced } \\\hline \text { Firm 1 } & 100 \\\text { Firm 2 } & 80 \\\text { Firm 3 } & 50 \\\hline\end{array}$$ This table provides information on three firms in a competitive industry where the market price is $39; therefore, at these production levels:

• A) Firm 1's marginal cost exceeds Firm 3's marginal cost.
• B) Firm 2's marginal cost is $39.
• C) the marginal cost curves for all three firms are identical.
• D) the total cost of production is maximized by all three firms.

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