(Figure: Price and Quantity X) in This Perfectly Competitive Industry

question 111

Multiple Choice

(Figure: Price and Quantity X) In this perfectly competitive industry, there are 100 firms with a short-run supply curve represented by S₁ and 50 firms with a short-run supply curve represented by S₂. At a market price of $4.50, industry output is:

• A) 700.
• B) 250.
• C) 1,050.
• D) 500.