Refer to Figure 8.6.1 above. At price levels P₂ and P₃, the output levels on the industry supply curve equal:

A) 8 and 10 units of output.
B) 7 and 11 units of output.
C) 15 and 21 units of output.
D) 14 and 18 units of output.

Industry Supply Curve

A graph that shows the relationship between the price of a good and the total output of the industry for that good.

Price Levels

The mean value of present prices for all goods and services created within the economy.

Output Levels

Refers to the quantity of goods or services produced by a firm or economy over a certain period of time.