Quantity Demanded 400,000 500,000 600,000 700,000 800,000 A $18,000. B) $20,000. $22,000. D Price $14,000. $5 4 3 2 1 Quantity Supplied 800,000 700,000 The accompanying table applies to a purely competitive industry composed of 100 identical firms. If each of the 100 firms in the industry is maximizing its profit and earning only a normal profit, each must have a total cost of 600,000 500,000 17 OF 20 QUESTIONS REMAINING 400,000

The accompanying cable apples to a purely competitive industry composed of 100 identical firms. If each of the 100 firms in the industry is maximizing its profit and earning only a normal profic, each must have a total cost of 518,000 520,000 522,000 514,000