Assume that the market for car washing is perfectly competitive. If a single firm washes 27 cars per week, and there are 100identical firms in the market, how many cars are getting washed weekly?O a. 5400O b. 2700O c. it is impossible to say anything about the market output based on information about single firms.O d. 3240O e. less than 2700 because demand slopes down.

Given the number of firms = 100 A single firm washes cars in a week = 27

Assume that the market for car washing is perfectly competitive. If a single firm washes 27 cars per week, a identical firms in the market, how many cars are getting washed weekly? a. 5400 O b. 2700 O c. it is impossible to say anything about the market output based on information about single firms. O d. 3240 e. less than 2700 because demand slopes down.

Assume that the market for car washing is perfectly competitive. If a single firm washes 27 cars per week, a identical firms in the market, how many cars are getting washed weekly? a. 5400 O b. 2700 O c. it is impossible to say anything about the market output based on information about single firms. O d. 3240 e. less than 2700 because demand slopes down.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 8SCQ: A market in perfect competition is in long-run equilibrium. What happens to the market if labor...

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