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The Short Run Industry Supply CurveThe table shows the output per day and total cost for a single ...

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The Short Run Industry Supply CurveThe table shows the output per day and total cost for a single ...

The Short Run Industry Supply Curve

The table shows the output per day and total cost for a single firm in a perfectly competitive industry.

Output per day	Total Cost
0	$134
1	$248
2	$337
3	$456
4	$586
5	$745

Assume there are 600 identical firms in this industry. What is the quantity supplied by the market when price = $119? When price is $159?

▸ 1200, 2400

▸ 2400, 1200

▸ 1800, 3000

▸ 3000, 1800

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

Read 40 times

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Just got PERFECT on my quiz

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