The Accompanying Table Applies to a Purely Competitive Industry Composed

question 59

Multiple Choice

The accompanying table applies to a purely competitive industry composed of 100 identical firms. At the equilibrium price, each of the 100 firms in this industry will produce

• A)600,000 units of output.
• B)60,000 units of output.
• C)6,000 units of output.
• D)600 units of output.

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Definitions:

Good Faith

A principle that implies honesty and sincerity of intention in the fulfillment of one's duties or negotiation.

Promissory Note

A financial instrument indicating a written promise by one party to pay a definite sum of money to another party under agreed terms.

Notice

A formal communication or announcement given to someone to make them aware of something or to officially inform them of a decision or legal requirement.

Overdue

A status indicating that a payment, task, or obligation has not been fulfilled by the designated or expected deadline.