Figure 14-4

question 134

Multiple Choice

Figure 14-4
In the following figure, graph (a) depicts the linear marginal cost (MC) of a firm in a competitive market, and graph (b) depicts the linear market supply curve for a market with a fixed number of identical firms.
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-Refer to Figure 14-4. 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:

Genuinely Agreed

Describes a situation where parties involved in an agreement or contract have a mutual understanding and acceptance of the terms without duress or deception.

Unilateral Mistake

A mistake that occurs when one party to a contract is mistaken as to a material fact.

Relief

Aid or assistance offered to alleviate hardship or distress in various contexts, such as financial relief or emergency relief efforts.

Unilateral Mistake

A misunderstanding or error made by one party in a contract, which does not necessarily void the contract unless it significantly affects the terms.