(Figure: Price and Quantity of Output and Table I) for Simplicity

question 21

Multiple Choice

(Figure: Price and Quantity of Output and Table I) For simplicity, assume that there are only three firms in a perfectly competitive industry; their short-run supply curves are depicted in the graph. At a market price of $100, the industry output is ____.

• A) 15
• B) 9.5
• C) 4
• D) 1

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Definitions:

Foreign Imports

Goods or services that are brought into a country from abroad for sale, which can impact local economies, industries, and trade balances.

Constitutional Convention

A meeting held in 1787 where delegates from the thirteen American colonies agreed upon the United States Constitution.

Detailed Notes

Comprehensive and carefully recorded observations or summaries that capture the essential aspects of a subject or event.

James Madison

An American statesman, diplomat, expansionist, philosopher, and Founding Father who served as the fourth president of the United States from 1809 to 1817, known as the "Father of the Constitution."