1) Suppose a perfectly competitive (price-taking) market is made up of 100 identical firms. Each firm...
1)
Suppose a perfectly competitive (price-taking) market is made up of 100 identical firms. Each firm individually has the following costs:
| Quantity | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| Total Cost | 10 | 16 | 20 | 27 | 36 | 46 | 58 |
Also assume the market demand curve is:
| Q Demanded | 600 | 500 | 400 | 300 | 200 | 100 | 0 |
| Price | 4 | 7 | 9 | 10 | 12 | 15 | 20 |
What is the equilibrium price in this market?
Group of answer choices
a $12
b $9
c $7
d $10
Homework Answers
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