Suppose there are four firms that are each willing to sell one unit of a good....
Suppose there are four firms that are each willing to sell one unit of a good. Each firm has a different minimum price that they are willing to sell for: Firm A $6, Firm B $7, Firm C $10, and Firm D $12. If the market price is $11 then the market supply for this good will be
A.
1 unit.
B.
2 units.
C.
3 units.
D.
4 units.
Homework Answers
Answer
Option A
3 units
the willingness to pay for 3 firms is below price so these all firms will sell the product the firm with $12 will not sell it so the market supply is 3 units.
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