Quantity Demanded Price Quantity Supplied400,000 $5 800,000500,000 $4 700,000600,000 $3 600,000700,000 $2 500,000800,000 $1 400,000The 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, each must have a marginal cost ofMultiple Choice$4.$5.$3.$2.
