The Accompanying Table Applies to a Purely Competitive Industry Composed

question 81

Multiple Choice

The accompanying table applies to a purely competitive industry composed of 100 identical firms. The equilibrium price in this purely competitive market is

• A)$5.
• B)$4.
• C)$3.
• D)$2.

---

Definitions:

Terpene

A class of natural organic compounds, typically derived from plants, with a structure based on isoprene units.

Monocyclic

Pertains to chemical compounds that contain only one cyclic structure within their molecular framework.

Hydrogenated

A process where hydrogen atoms are added to the double or triple bonds of organic compounds, resulting in the saturation of the molecules and often changing their physical and chemical properties.

Platinum Catalyst

A substance containing platinum used to increase the rate of a chemical reaction without being consumed in the process, commonly used in hydrogenation reactions.