Figure 5-3

Assume the market consists of three consumers with the demand curves in Figure 5-3. At a price of 1, the total market demand is

Assume a certain competitive price-taker firm is producing Q = 1,000 units of output. At Q = 1,000 . the firm's marginal cost equals $15 and its average total cost equals $11 . The firm sells its output for $12 per unit. At Q = 999, the firm's total cost amounts to

a. $10,985. b. $10,990. c. $10,995. d. $10,999.

Why is there a difference in the strength of demand for labor?

What will be an ideal response?