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$\$ 1$ & 0 & 0 & 1 \
$\$ 2$ & 1 & 0 & 2 \
$\$ 3$ & 3 & 1 & 3 \
$\$ 4$ & 5 & 2 & 4 \
$\$ 5$ & 7 & 3 & 5
\end{tabular}

How much is supplied in this market at a price of $\$ 2$ and at a price of $\$ 5$ ?
Choose 1 answer:
(A) 3 units when the price is $\$ 2 ; 15$ units when the price is $\$ 5$
(B) 2 units when the price is $\$ 2 ; 8$ units when the price is $\$ 5$
(C) 3 units when the price is $\$ 2 ; 7$ units when the price is $\$ 5$
(D) 2 units when the price is $\$ 2 ; 5$ units when the price is $\$ 5$
(E) 0 units when the price is $\$ 2 ; 3$ units when the price is $\$ 5$

Question

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$\$ 1$ & 0 & 0 & 1 \
$\$ 2$ & 1 & 0 & 2 \
$\$ 3$ & 3 & 1 & 3 \
$\$ 4$ & 5 & 2 & 4 \
$\$ 5$ & 7 & 3 & 5
\end{tabular}

How much is supplied in this market at a price of $\$ 2$ and at a price of $\$ 5$ ?
Choose 1 answer:
(A) 3 units when the price is $\$ 2 ; 15$ units when the price is $\$ 5$
(B) 2 units when the price is $\$ 2 ; 8$ units when the price is $\$ 5$
(C) 3 units when the price is $\$ 2 ; 7$ units when the price is $\$ 5$
(D) 2 units when the price is $\$ 2 ; 5$ units when the price is $\$ 5$
(E) 0 units when the price is $\$ 2 ; 3$ units when the price is $\$ 5$

Accepted Answer

***A*** ∻Key Concept∻ ⚹Market Supply⚹ ∻Explanation∻ ⚹The market supply is the sum of quantities supplied by all sellers at a given price. At $2, 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.⚹◊What is the market equilibrium quantity at a price of $2 and at a price of $5 based on the given supply schedules?⍭ Generate me a similar question◊

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