Homework Answers
Ans: 100 firms
Explanation:
Under perfect competition , the industry is the price maker whereas the firm is the price taker. It means there is an unique price in the market . Firms are not able to change the market price. They can sell or produce as much as they can at the prevailing market price.
In the above figure ( right side ) , the market equilibrium price is $40 and equilibrium quantity is 500 Webcams.
In this market structure , there are large number of sellers selling the homogeneous product.
In the left side figure , the firm's equilibrium price is $40 and equilibrium quantity is 5 Webcams.
So the total number of firms in this industry = 500 / 5 = 100
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