Table 7-10
The following table represents the costs of five possible sellers.
-Refer to Table 7-10. If the market price is $1,400, the combined total cost of all participating sellers is
A)$5,700.
B)$1,500.
C)$1,400.
D)$4,100.

Question

Table 7-10
The following table represents the costs of five possible sellers. 
-Refer to Table 7-10. If the market price is $1,400, the combined total cost of all participating sellers is
A)$5,700. 
B)$1,500. 
C)$1,400. 
D)$4,100.

Quizplus · Accepted Answer

To calculate the total cost of all participating sellers, we need to add up the cost columns for each seller. 
- Seller A: $800 
- Seller B: $1,300 
- Seller C: $1,700 
- Seller D: $700 
- Seller E: $700

When we add these costs together, we get $4,200. Therefore, if the market price is $1,400, the participating sellers would make a total profit of $1,400 x 3 units sold = $4,200. The total cost of all participating sellers would be equal to this profit, which is $4,200. Therefore, the correct answer is (D) $4,100.

Table 7-10 The Following Table Represents the Costs of Five Possible Sellers