Question

Suppose there are four additional suppliers of cola in the market. When the price per gallon of cola is $1.50, the first supplier is willing to sell 10 million gallons, the second supplier is willing to sell 2 million gallons, the third supplier is willing to sell 5 million gallons, and the fourth supplier is willing to sell 0 gallons. The market quantity supplied of cola when the price is $1.50 is:______.a. 17 million gallons. b. 20 million gallons. c. 30 million gallons. d. 0 gallons.

Answer 1

B

Step-by-step explanation:

Here is the full question

Question Workspace Exhibit 3-5 Supply for Tucker's Cola Data Quantity supplied per week (millions of gallons) Price per gallon 6 $3.00 5 2.50 4 2.00 3 1.50 2 1.00 1 .50 Exhibit 3-5 shows the supply schedule for Tucker's Cola. Suppose there are four additional suppliers of cola in the market. When the price per gallon of cola is $1.50, the first supplier is willing to sell 10 million gallons, the second supplier is willing to sell 2 million gallons, the third supplier is willing to sell 5 million gallons, and the fourth supplier is willing to sell 0 gallons. The market quantity supplied of cola when the price is $1.50 is

The market quantity supplied is the sum of individual supply by the suppliers.

The quantity supplied by the 5 producers would be added together to get the market supply.

When price is $1.50, Tucker would supply 3 million gallons.

3 + 10+2 + 5 + 0 = 20

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