Answers
Answer : The answer is option b.
Here number of firms in the market is 100. For 400 units market quantities the each firm's quantity = 400 / 100 = 4 units.
TC (Total Cost) = ATC * Quantity
For firm's 3 units quantity level the TC = 110 * 3 = $330.
For firm's 4 units quantity level the TC = 105 * 4 = $420.
MC (Marginal cost) for firm's 4th unit = TC of 4 units - TC of 3 units = 420 - 330 = $90.
For perfectly competitive firm the market price is equal to MC. So, here the market Price = MC = $90. This means that the market equilibrium price is $90.
Hence except option b other options are not correct. Therefore, option b is the correct answer.
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