The local popcorn market consists of 3 firms, Larry\'s Popcorn, Darryl\'s Popcor

Question

The local popcorn market consists of 3 firms, Larry's Popcorn, Darryl's Popcorn, and Frank's Popcorn. If the price of a bag of popcorn is $3, Larry's supplies 100 bags, Darryl's supplies 200 bags, and Frank's supplies 300 bags. And if the price of popcorn is $5 a bag, Larry's supplies 200 bags, Darryl's supplies 400 bags, and Frank's supplies 600 bags. To construct the short-run market supply curve we sum the quantities supplied by all the firms at each price draw a horizontal line because the market supply is perfectly elastic draw a horizontal line because the market supply is perfectly inelastic sum the prices at every quantity supplied by each firm

Explanation / Answer

A. sum the quantities supplied by all firms at each price.

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