Figure 14-10

question 24

Multiple Choice

Figure 14-10
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 14-10. If there are 700 identical firms in this market, what is the value of Q1?

• A)140,000
• B)210,000
• C)280,000
• D)420,000

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Definitions:

Big Bank

A large, influential financial institution capable of exerting significant impact on the national or global economy.

Banking System

The network of financial institutions that provide banking services, such as accepting deposits and lending money.

Drawer

In financial transactions, the drawer is the person who writes or issues a cheque or draft, instructing their bank to pay a specified sum of money to the payee or bearer.

Payee

The individual or entity to whom a check, draft, or note is made payable.