Figure 14-8

question 250

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.If at a market price of $1.75,52,500 units of output are supplied to this market,how many identical firms are participating in this market?

• A) 75
• B) 100
• C) 250
• D) 300

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Definitions:

Average Workweek

The average number of hours worked per week by employees in a particular firm, sector, or economy.

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Industrial Nations are countries with significant levels of industrialization and higher standards of living.

Edward Denison

An American economist known for his work on measuring the sources of economic growth.

Productivity Growth

An increase in the output of goods and services per unit of input, reflecting improvements in efficiency, technology, or processes.