Consider a Competitive Market with 50 Identical Firms

question 22

Multiple Choice

Consider a competitive market with 50 identical firms.Suppose the market demand is given by the equation Qᴰ = 200 - 10P and the market supply is given by the equation Qˢ = 10P.In addition,suppose the following table shows the marginal cost of production for various levels of output for firms in this market.
How many units should a firm in this market produce to maximize profit?

• A)1
• B)2
• C)3

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