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Question
Macroeconomics
Posted 12 months ago
The table below shows the supply schedules for 3 sellers in a market.
\begin{tabular}{llll} 
Price & \begin{tabular}{l} 
Seller 1's quantity \\
supplied
\end{tabular} & \begin{tabular}{l} 
Seller 2's quantity \\
supplied
\end{tabular} & \begin{tabular}{l} 
Seller 3's quantity \\
supplied
\end{tabular} \\
\hline$1\$ 1 & 0 & 0 & 1 \\
$2\$ 2 & 1 & 0 & 2 \\
$3\$ 3 & 3 & 1 & 3 \\
$4\$ 4 & 5 & 2 & 4 \\
$5\$ 5 & 7 & 3 & 5
\end{tabular}

How much is supplied in this market at a price of $2\$ 2 and at a price of $5\$ 5 ?
Choose 1 answer:
(A) 3 units when the price is $2;15\$ 2 ; 15 units when the price is $5\$ 5
(B) 2 units when the price is $2;8\$ 2 ; 8 units when the price is $5\$ 5
(C) 3 units when the price is $2;7\$ 2 ; 7 units when the price is $5\$ 5
(D) 2 units when the price is $2;5\$ 2 ; 5 units when the price is $5\$ 5
(E) 0 units when the price is $2;3\$ 2 ; 3 units when the price is $5\$ 5
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Answer from Sia
Posted 12 months ago
A
Key Concept
Market Supply
Explanation
The market supply is the sum of quantities supplied by all sellers at a given price. At 2,Seller1supplies1unit,Seller2supplies0units,andSeller3supplies2units,totaling3units.At2, Seller 1 supplies 1 unit, Seller 2 supplies 0 units, and Seller 3 supplies 2 units, totaling 3 units. At 5, Seller 1 supplies 7 units, Seller 2 supplies 3 units, and Seller 3 supplies 5 units, totaling 15 units.

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