The market for smoothies is perfectly competitive and the market demand schedule is in the first table.
Question:
Each of the 100 producers of smoothies has the costs given in the second table when it uses its least-cost plant.
a. What is the market price of a smoothie?
b. What is the market quantity of smoothies?
c. How many smoothies does each firm sell?
d. What is the economic profit made or economic loss incurred by each firm?
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