Click the following icon to view additional information necessary to complete the exericse.

Suppose that there are $50$ firms in this market.

Using the line drawing tool, draw the market supply curve on the figure to the right $($representing the market$)$ Label this cuve $\text{'}$S$\text{'}.$

Carefully follow the instructions above, and only draw the required object.

What is producer surplus for this market? $

$($Ent

The figure to the right shows a

representative firm's marginal cost

curve $(MC),$ average fixed cost

curve $($AFC$),$ average variable cost

curve $($AVC$),$ and average total cost

curve $($ATC$)$ in a perfectly competitive

market. The bottom figure shows market

demand.