+1438 pts /2000 00 30 HR MIN SEC -- Hint Submit Answer < Question 15 of 20 > © Macmillan Learning The supply schedule contains individual supply curves for the only two firms in a hypothetical market for stuffed animals. Use the schedule to answer the questions. Firm Supply Curves a. A third firm would mean Price Quantity-Firm 1 Quantity- Firm 2 $1 1,000 4,000 $2 1,350 4,350 $3 1,700 4,700 F4 $4 2,050 5,050 O market supply decreases. OFirm 1 and Firm 2 would lower output to accommodate the new supplier in order to keep market supply constant. O market supply increases. higher prices of stuffed animals. $5 2,400 5,400 $6 2,750 5,750 $7 3,100 6,100 $8 3,450 6,450 b. With two firms in the market, the market quantity supplied at $6 is
+1438 pts /2000 00 30 HR MIN SEC -- Hint Submit Answer < Question 15 of 20 > © Macmillan Learning The supply schedule contains individual supply curves for the only two firms in a hypothetical market for stuffed animals. Use the schedule to answer the questions. Firm Supply Curves a. A third firm would mean Price Quantity-Firm 1 Quantity- Firm 2 $1 1,000 4,000 $2 1,350 4,350 $3 1,700 4,700 F4 $4 2,050 5,050 O market supply decreases. OFirm 1 and Firm 2 would lower output to accommodate the new supplier in order to keep market supply constant. O market supply increases. higher prices of stuffed animals. $5 2,400 5,400 $6 2,750 5,750 $7 3,100 6,100 $8 3,450 6,450 b. With two firms in the market, the market quantity supplied at $6 is
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter8: Perfect Competition
Section: Chapter Questions
Problem 6SCQ: A firms marginal cost curve above the average variable cost curve is equal to the films individual...
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