Figure 14-8

question 238

Multiple Choice

Figure 14-8
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 14-8.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:

Valence Electrons

Electrons in an atom's outer shell that are available for bonding with other atoms.

Valence

Refers to the combining power of an element, especially in terms of the number of hydrogen atoms it can bond with or displace to form a compound.

Lewis Structure

A diagram that shows the bonding between atoms of a molecule and the lone pairs of electrons that may exist in the molecule.

Molecular Formula

A representation of the number and type of atoms in a molecule using symbols and numerical subscripts.