In a perfectly competitive market with 2,000 firms

QUESTION

In a perfectly competitive market with 2,000 firms, output is zero at prices less than $10. At prices greater than or equal to $10 and less than $20, each firm will produce 100 units of output. At any price greater than or equal to $20, each firm will produce 300 units of output. As this industry expands output, however, prices of the key inputs in production increase substantially. The total industry output at a market price of $33 is:A.800,000.B.between 200,000 and 800,000.C.greater than 600,000.D.600,000 or less.

ANSWER:

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