Time left 0:10:51 The market is perfectly competitive and there are 1,000 firms that produce paper. A table below sets out the market demand schedule for paper and cost schedule for paper producing firm when it uses its least-cost plant. What would be the equilibrium market price in the short run? Price Market Quantity Each Firm's Marginal cost Average Average (dollars per demanded Output (dollars per variable cost total cost box) (boxes per (boxes per additional box) (dollars per (dollars per week) week) box) box) 5.50 400,000 210 6.00 6.50 11.00 6.80 350,000 230 7.20 6.40 9.20 8.10 300,000 250 8.10 6.60 8.10 9.40 270,000 270 9.40 7.50 8.90 10.70 240,000 290 12.40 9.00 10.20 O a. 9.40 O b. 8.10 O c. 5.50 O d. 6.80 Next page