Use the Following to Answer Question

question 147

Multiple Choice

Use the following to answer question:
-(Table: Short-Run Supply Curve) Look at the table Short-Run Supply Curve. The table lists three supply points for a perfectly competitive firm operating in the short run. If the industry is composed of 120 identical firms, a price of _____ and a quantity of _____ will be a point on the short-run industry supply curve.

• A) $5; 1,650
• B) $1,200; 40
• C) $960; 3,840
• D) $10; 4,800

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