c. Suppose that the market price for a bottle of vitamins is $1.74. At that price the total market quantity demanded is 317,100,000 bottles. How many firms will be in this industry

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chrisdemocko4014 chrisdemocko4014

21-07-2022
Business

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c. Suppose that the market price for a bottle of vitamins is $1.74. At that price the total market quantity demanded is 317,100,000 bottles. How many firms will be in this industry

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okpalawalter8 okpalawalter8 · Answer 1 · 2022-07-29T20:38:39+02:00

Suppose that the market price for a bottle of vitamins is $1.74. At that price the total market quantity demanded is 317,100,000 bottles. One firm will be in this industry

This is further explained below.

What is firm?

Generally, A company that operates for the purpose of making a profit and is often structured as a partnership in order to carry out the provision of professional services, such as legal or accounting work, is referred to as a firm. The maximization of profits is the overarching goal of the business, according to the theory of the firm.

In conclusion, Let's say that the going rate for a bottle of vitamins in today's market is $1.74. At that pricing, the total amount of bottles that would be wanted on the market is 317,000,000. This sector will only have one company operating inside it.