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:

Rivers

Large natural streams of water flowing in channels to the sea, a lake, or another river.

Nonbiological Reservoirs

Natural or artificial environments that do not involve living organisms, which can store various substances or elements.

Biogeochemical Cycles

Natural pathways by which essential elements or compounds move through the biosphere, lithosphere, atmosphere, and hydrosphere.

Carbon

A chemical element with symbol C, capable of forming many compounds including carbon dioxide and organic molecules.