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5. (10 points) Hoboken has a thriving market for musical instruments, so thriving that it is perfectly competitive. Three of the stores in Hoboken are
5. (10 points) Hoboken has a thriving market for musical instruments, so thriving that it is perfectly competitive. Three of the stores in Hoboken are owned by Georgia, Ira, and James. They each produc some quantity of musical instruments. Their short-run cost curves are graphed below. Georgia Ira James 45 45 40 MC MC 40 MC 35 35 30 30 ATO 25 ATC 25 ATC 20 20 15 AVC 15 AVC AVC 10 10 CT 5 O O 3 4 5 6 7 3 4 5 6 7 3 4 5 6 7 QInstruments (in thousands) QInstruments (in thousands) QInstruments (in thousands)(b) (2pts) When the market price is $20, whose store produces the most musical instruments
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