There are four consumers willing to pay the following amounts for an electric car: Consumer 1: Consumer 2: Consumer 3: Consumer 4: $6060 ,000 $3030 ,000 $8080 ,000 $5050 ,000 There are four firms that can produce electric cars. Each can produce one car at the following costs: Firm A: Firm B: Firm C: Firm D: $2020 ,000 $8080 ,000 $3030 ,000 $5050 ,000 Each firm can produce at most one car. Suppose the market for electric cars is competitive. Why is the equilibrium price in this market $5050 ,000?
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Home » Business » There are four consumers willing to pay the following amounts for an electric car: Consumer 1: Consumer 2: Consumer 3: Consumer 4: $6060 ,000 $3030 ,000 $8080 ,000 $5050 ,000 There are four firms that can produce electric cars.