Question

Refer to Table 4-4. If these are the only four sellers in the market, then the market quantity supplied at a price of $4 is

Answer 1

All things being equal; demand decreases, as price increases.

The quantity supplied when price is $4 is 28

From table 4.4 (see attachment).

When price = $4, we have the following supplies:

• Firm A = 6
• Firm B = 6
• Firm C = 8
• Firm D = 10

So, the total supply at $4 is:

$Total = 4 + 6 + 8 + 10$

$Total = 28$

Hence, the quantity supplied when price is $4 is 28

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