The market for Good Y, a perfectly competitive good, is made up of 15 producers who each produce the same amount of Good Y. If the price of Good Y is currently $100 and the total quantity supplied is 150, how many units of Good Y is each producer supplying?

a. 250

b. 10

c. 100

d. 15

e. 150

The answer is B. 10

Explanation:

The total quantity of goods supplied is 150 and there are 15 suppliers in the market for Goods Y who are producing the same amount of goods. It automatically translate to the fact that each producer supplied 10unit of product Y.

150 goods supplied : 15 suppliers = 10 units of goods each

hence the answer is B. 10