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:

Famine

A severe scarcity of food leading to widespread hunger and a significant increase in mortality rates.

Homeostasis

The process by which biological systems maintain stability and equilibrium within their internal environment despite external changes.

Prenatally

Pertaining to the period or development that occurs before birth.

Male Sex Hormones

Steroid hormones, primarily testosterone, that are responsible for the development and maintenance of male characteristics and reproductive functions.