The Following Table Gives the Average Cost of Production for Three

question 41

Multiple Choice

The following table gives the average cost of production for three different categories of firms producing the same product.

$$\begin{array} { | c | c | c | c | } \hline \begin{array} { c } \text { Type of } \\\text { firme }\end{array} & \begin{array} { c } \text { No. of } \\\text { firms }\end{array} & \begin{array} { c } \text { Awerane } \\\text { sostper } \\\text { unit }\end{array} & \begin{array} { c } \text { Equilibrium } \\\text { output }\end{array} \\\hline \hline \text { A } & 350 & \$ 3 & 10 \text { units } \\\text { B } & 400 & \$ 5 & 10 \text { units } \\\text { C } & 550 & \$ 10 & 10 \text { units } \\\hline\end{array}$$
-Refer to Table .Suppose initially 3,200 units are demanded at a price of $3 per unit.What will be the quantity of output supplied by each type of firm in the market?

• A)Type A and Type B will jointly supply 3,000 units while Type C will supply 200 units.
• B)Type A firms will supply 3,000 units, while the remaining 200 units will be supplied by Type B.
• C)Type A firms will supply the entire 3,200 units, while Type B and Type C firms will not enter the market.
• D)Type A and Type B will each supply 1,600 units, Type C will not enter the market.

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Definitions:

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