Question 1
Refer to the information provided in Figure 8.11 below to answer the question(s) that follow.
Refer to the Figure 8.11. Assuming wool is a perfectly competitive industry, the demand curve faced by each wool producer is ________ starting at $3.00 per pound.
◦ downward-sloping
◦ upward-sloping
◦ vertical
◦ horizontal
Question 2
Refer to the information provided in Figure 8.11 below to answer the question(s) that follow.
Refer to Figure 8.11. Assuming the wool market (industry) is perfectly competitive and the industry consists of 100 firms of identical size, each firm would produce an average of ________ pounds of wool and sell the wool for ________ per pound.
◦ 50; $0.03
◦ 5,000; $3.00
◦ 5,000; $0.03
◦ 50; $3.00
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