question archive The widget industry is a constant-cost industry, so that all firms are identical
The widget industry is a constant-cost industry, so that all firms are identical
Subject:EconomicsPrice: Bought3
The widget industry is a constant-cost industry, so that all firms are identical. The following chart shows the industry-wide demand curve and the marginal cost curve of a typical firm:
Industry-Wide Demand
| Price ($) | Quantity |
|---|---|
| 2 | 500 |
| 3 | 400 |
| 5 | 300 |
| 6 | 200 |
| 8 | 100 |
| 9 | 50 |
| 12 | 25 |
| 15 | 10 |
Firm′′s Marginal Cost Curve
| Quantity | Marginal Cost ($) |
|---|---|
| 1 | 2 |
| 2 | 3 |
| 3 | 5 |
| 4 | 6 |
| 5 | 8 |
| 6 | 9 |
| 7 | 12 |
| 8 | 15 |
On the short-run supply curve, what quantity corresponds to a price of $9?
