30 Apr Question: There are two different types of producers of a good in an industry where firms are price-takers….
There are two different types of producers of a good in an industry where firms are price-takers. The marginal cost curves of the two types are shown in the figure.
Type A is more efficient than Type B: for example, as shown, at the output of 20 goods, the Type A firms have the marginal cost of £2, as opposed to the marginal cost of £3 for the Type B firms. There are 20 Type A firms and 15 Type B firms in the market. Based on this information, which of the following statements is correct?
| At price €2, the market supply is 400. | ||
| The market will supply 1000 of the good at price €3. | ||
| At price €2, the market marginal cost of supplying one extra unit of the good will depend on the type of the firm which produces it. | ||
| With different types of firms, the market marginal cost curve cannot be estimated. |
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