If the Market Supply Curve and Market Demand Curve for a Good

question 153

Multiple Choice

If the market supply curve and market demand curve for a good intersect at 600,000 units and there are 10,000 identical firms in the market,then each firm is producing

• A) 600,000 units.
• B) 60,000,000,000 units.
• C) 60,000 units.
• D) 60 units.
• E) 10,000 units.

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Definitions:

Competitive Advantage

A condition that allows a company or country to produce a good or service at a lower price or in a more desirable fashion for customers than competitors.

Marketplace

A physical or virtual venue where buyers and sellers come together to exchange goods, services, or information.

Maturity Stage

A phase in the product life cycle where sales growth slows down, and the product begins to stabilize in the market with a more predictable demand.

Product Life Cycle

The stages a product goes through from conception, through design, manufacture, launch, growth, maturity, and eventually, decline and discontinuation.