Consider the following statement: "The market supply for natural gas is the sum of all prices that natural gas producers are willing and able to sell at for every quantity." What is the flaw in this statement? It should state that market supply is the sum of the quantities of natural gas that producers are willing and able to sell at every price. It should state that market supply is the quantity of natural gas that producers are willing and able to sell at one specific price. There is no flaw in this statement. It should state that market supply is the price of natural gas that one firm is willing and able to provide a specified quantity of its product at.
Consider the following statement: "The market supply for natural gas is the sum of all prices that natural gas producers are willing and able to sell at for every quantity." What is the flaw in this statement? It should state that market supply is the sum of the quantities of natural gas that producers are willing and able to sell at every price. It should state that market supply is the quantity of natural gas that producers are willing and able to sell at one specific price. There is no flaw in this statement. It should state that market supply is the price of natural gas that one firm is willing and able to provide a specified quantity of its product at.
Chapter4: Supply And Demand: An Initial Look
Section: Chapter Questions
Problem 3TY
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Transcribed Image Text:Consider the following statement:
"The market supply for natural gas is the sum of all prices that natural gas producers are willing and able to sell at for every
quantity."
What is the flaw in this statement?
O It should state that market supply is the sum of the quantities of natural gas that producers are willing and able to sell at
every price.
O It should state that market supply is the quantity of natural gas that producers are willing and able to sell at one specific
price.
There is no flaw in this statement.
It should state that market supply is the price of natural gas that one firm is willing and able to provide a specified
quantity of its product at.
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