Suppose There Are Four Firms That Are Each Willing to Sell

question 123

Multiple Choice

Suppose there are four firms that are each willing to sell one unit of a good. Each firm has a different minimum price that they are willing to sell for: Firm A $6, Firm B $7, Firm C $10, and Firm D $12. If the market price is $11 then the market supply for this good will be

• A) 3 units.
• B) 4 units.
• C) 1 unit.
• D) 2 units.

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Definitions:

Closed Groups

Exclusive circles or communities with restricted membership, where entrance is often regulated through specific criteria or invitations.

Holism

The systems principle of nonsummativity—the whole is different from the sum of its parts. The elements of a system, functioning interdependently, cannot be aggregated; they can be understood only through their dynamic interaction.

Double-Interacts

Karl Weick’s notion of the basic unit of organizing (A-B-A) through which organization members reduce information equivocality.