# ECON 1B03 Lecture Notes - Lecture 48: Ceteris Paribus, Barbecue Sauce, Perfect Competition

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Practice exam: students suggested afterwards that this exam was difficult for the allotted time. Your exam will be less rigorous considering the time constraint and will be very fair. Identify the choice that best completes the statement or answers the question. In equilibrium: p = . 20 and q = 5880, p = . 00 and q = 4800, p = . 00 and q = 3900, p = . 33 and q = 4849. 5. How many units of output will each firm produce: 250, 196, 130, 162. What is each firm"s profit or loss: . 00, -. 00, . 60, . 06. Suppose the market is not in equilibrium and market price is p = . How many firms would be producing in the market: 20, 30, 40, 50. ___: in a perfectly competitive market, market demand is given by qd = 10000 - 100p and market supply is given by qs = 150p - 300.