126. Refer to the above table. At the equilibrium price, each of the 100 firms i
ID: 1098283 • Letter: 1
Question
126. Refer to the above table. At the equilibrium price, each of the 100 firms in this industry will produce:
A. 600,000 units of output.
B. 60,000 units of output.
C. 6,000 units of output.
D. 600 units of output.
127. Refer to the above table. For each of the 100 firms in this industry, marginal revenue and total revenue will be:
A. $4 and $400, respectively.
B. $3 and $30,000, respectively.
C. $4 and $20,000, respectively.
D. $3 and $18,000, respectively.
128. Refer to the above table. If each of the 100 firms in the industry is maximizing its profit, each must have a marginal cost of:
A. $5.
B. $4.
C. $3.
D. $2.
129. Refer to the above table. If each of the 100 firms in the industry is maximizing its profit and earning only a normal profit, each must have a total cost of:
A. $18,000.
B. $20,000.
C. $22,000.
D. $14,000.
130. Refer to the above table. If each of the 100 firms in the industry is maximizing its profit and earning only a normal profit, each must have an average total cost of:
A. $2.
B. $3.
C. $4.
D. $5.
can you explain how they got these answers thanks!
Explanation / Answer
#126. 6,000 units of output.
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