Assume That Aline,Bentley,Calvin,and Daniel Are the Only Sellers in This

question 58

Multiple Choice

Assume that Aline,Bentley,Calvin,and Daniel are the only sellers in this market.
-Refer to Exhibit 3-12.Fill in blanks (A) and (B) respectively with the market quantity supplied at each given price.

• A) 12.25; 14.75
• B) 49; 59
• C) 48; 61
• D) 8.00; 8.71
• E) none of the above

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Definitions:

Competitive Industry

An economic sector characterized by a large number of firms that compete with each other to sell similar products or services, leading to efficiency and innovation.

Price

The cost anticipated, necessary, or paid out in return for acquiring something.

Long-Run Price

The price level at which economic forces such as supply and demand are balanced over a longer time frame, considering all inputs are variable.

Output

The amount of goods or services produced by a business, industry, or economy within a given period.