The table below shows the weekly supply for hamburgers in a market where there are just three sellers.PriceSeller 1 Qs 1Seller 2 Qs 2Seller 3 Qs 3$5854464334322221If there were 100 sellers in the market, each with a supply schedule identical to seller 2 in the table above, then the weekly quantity of hamburgers supplied in the market at a price of $5 would be
A. 300.
B. 500.
C. 400.
D. 200.
Answer: B
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A friend is currently earning income but does not expect to earn income in the future. When the interest rate rose, I observed him saving less. From this, I can conclude that current consumption is an inferior good for my friend.
Answer the following statement true (T) or false (F)
Resale price maintenance
A) requires a retailer to sell a good no lower than the specified price. B) is illegal. C) is the price of a maintenance contract on a good, such as an extended service contract on a car. D) has a net negative impact on competition.
Suppose that in a perfectly competitive market, firms are making an economic profit. In the long run, we know for sure that
a. some firms will leave the market b. the market price will rise c. the market supply curve will shift to the left d. economic profit will become zero e. production will be less than short-run production
When individuals take externalities into account when making decisions, economists say they are:
a. internalizing the externality. b. eliminate the externality. c. subsidize a positive externality. d. subsidize a technology spillover.