True or False and explain the math In the market for widgets, there are 200 firms which each have a supply function of q@(p) = 2p - 8 and 100 firms which each have a supply function of qs(p) = p - 3. Therefore, the industry (aggregate) supply curve has a kink at P=$4 and Q=100.

True or False and explain the math In the market for widgets, there are 200 firms which each have a supply function of q@(p) = 2p - 8 and 100 firms which each have a supply function of qs(p) = p - 3. Therefore, the industry (aggregate) supply curve has a kink at P=$4 and Q=100.

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter24: Price-searcher Markets With High Entry Barriers

Section: Chapter Questions

Problem 7CQ

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