Refer to the table. At the equilibrium price, each of the 100 firms in this industry will produce:
A. 600,000 units of output.
B. 60,000 units of output.
C. 6,000 units of output.
D. 600 units of output.
C. 6,000 units of output.
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One problem associated with a monopoly firm is that it
A) produces too little output but also charges a low price. B) produces too much output and charges too low a price. C) restricts output and charges a relatively higher price than a purely competitive firm. D) is just as good as a purely competitive firm in terms of output and price.
If wages are relatively high, the individual labor supply curve may
A. Become horizontal. B. Bend backward. C. Become vertical. D. Bend outward.
When people look at what has just happened in the economy to conjecture what is about to happen, it is known as ______.
a. gradualism b. indexing c. adaptive expectations d. natural rate
In this consumer surplus graph, why is the market demand curve smooth?
a. Demand is artificially set by government price controls.
b. One buyer sets the demand for the entire market.
c. The buyers all share identical levels of willingness to pay.
d. There are many buyers with unique levels of willingness to pay.