(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:

Subsidiary

A company that is controlled by another entity, known as the parent company, through ownership of more than half of its voting stock or through other means.

Consolidated Net Income

The total profit of a parent company and its subsidiaries after all expenses, including those of subsidiary companies, are subtracted.

Noncontrolling Interest

A stake in a company owned by minority shareholders that do not bestow them control over the company.

Dividend Payments

Financial rewards paid out to shareholders, typically from a portion of a company's earnings.