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an black or com/webap pslassessment/take/launch sp?course assessment id ps:// 1280351&course; id 98758_1&content; de-21 QUESTION 5 The following table shows the supply schedule of bread for three selles in the market Seller 1 Seller Seller 3 Price (S/loaf) Quantity Supplied Quantity Supplied Quantity Supplied (loaves) (loaves) 15 40 S3 12 24 $1 1) Refer to the table above. If at a price of $3 per loaf, the market supply of bread is 45 loaves, Seller 3's supply is: A) 15 units. B) 18 units C) 24 units. D) 20 units. 2) Refer to the table above. If, at a price of $4 per loaf, the market supply of bread is 75 loaves, Seller 2's supply is: A) 20 units. B) 30 units. C) 35 units

Explanation / Answer

1. Market supply = Sum of Individual seller's supply of bread

45 = 12 + 15 + Seller 3's supply

Seller 3's supply = 45 - 27 = 18

Answer is B) 18 units

2. Market supply = Seller 1's supply + Seller 2's supply + Seller 3's supply

75 = 15 + Seller 2's supply + 40

75 - 55 = Seller 2's supply

Seller 2's supply = 20

Answer is A) 20 units

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