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

question 67

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 $40, the industry output is ____.

• A) 15
• B) 9.5
• C) 4
• D) 1

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Definitions:

Filed

The act of submitting documents officially to a designated authority or office for the purpose of record-keeping and review.

Perfection Method

Legal procedures used to establish a secured party's rights in a collateral against third parties, especially in bankruptcy.

Deposit Account

A bank account that allows the holder to deposit and withdraw money, including savings accounts, checking accounts, and money market accounts.

Control

The power or authority to manage, direct, or influence something or someone.