Figure 14-9

question 196

Multiple Choice

Figure 14-9
In the figure below, panel (a) depicts the linear marginal cost of a firm in a competitive market, and panel (b) depicts the linear market supply curve for a market with a fixed number of identical firms.
-Refer to Figure 14-9. When 100 identical firms participate in this market, at what price will 15,000 units be supplied to this market?

• A)$1.00
• B)$1.50
• C)$2.00
• D)The price cannot be determined from the information provided.

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Definitions:

Ovens

Kitchen appliances used for baking, roasting, or heating food.

Marginal Products

Marginal products refer to the additional output generated from using one more unit of a particular input, holding all other inputs constant.

Isoquants

Curves on a graph that represent different combinations of factors of production that yield the same level of output.

Factors of Production

The inputs used in the production of goods or services in the process of creating economic value, typically including land, labor, capital, and entrepreneurship.