In a perfectly competitive market with 2,000 firms, output is zero at prices less than $10. At prices greater than or equal to $10 and less than $20, each firm will produce 100 units of output. At any price greater than or equal to $20, each firm will produce 300 units of output. As this industry expands output, however, prices of the key inputs in production increase substantially. The total industry output at a market price of $33 is:
A. |
800,000. |
B. |
between 200,000 and 800,000. |
C. |
greater than 600,000. |
D. |
600,000 or less. |