If the Market Supply Curve and Market Demand Curve for a Good

question 153

Multiple Choice

If the market supply curve and market demand curve for a good intersect at 600,000 units and there are 10,000 identical firms in the market,then each firm is producing

• A) 600,000 units.
• B) 60,000,000,000 units.
• C) 60,000 units.
• D) 60 units.
• E) 10,000 units.

---

Definitions:

Marginal Benefit

The additional satisfaction or utility received by consuming one more unit of a good or service.

Additional Slice

A term that can refer to an extra serving or portion of a good or product beyond what is normally consumed.

Marginal Benefits

The additional satisfaction or utility that a person gains from consuming an additional unit of a good or service.

Marginal Costs

The cost added by producing one additional unit of a product or service.