The Following Table Applies to a Purely Competitive Industry Composed

question 1

Multiple Choice

The following table applies to a purely competitive industry composed of 100 identical firms. $\begin{array}{lcl}Quantity&&Quantity\\Demanded &Price &Supplied\\\hline400,000 & \$ 5 & 800,000 \\500,000 & 4 & 700,000 \\600,000 & 3 & 600,000 \\700,000 & 2 & 500,000 \\800,000 & 1 & 400,000\end{array}$ Refer to the table.The equilibrium price in this purely competitive market is:

• A) $5.
• B) $4.
• C) $3.
• D) $2.

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Definitions:

Herpesvirus

A large family of viruses that cause diseases in animals, including humans, characterized by latent and recurrent infections.

Epstein-Barr Virus

A herpesvirus that can cause infectious mononucleosis (mono) and is associated with various types of cancers and autoimmune diseases.

Viroid

Infectious strand of RNA devoid of a capsid and much smaller than a virus.

Prion

Infectious agents composed primarily of protein material that can induce abnormal folding of specific normal cellular proteins called prion proteins, mostly affecting the brain.