Refer to Figure 4-5. The figure above represents the market for pecans. Assume that this is a competitive market. If the price of pecans is $9
A) too many consumers want to buy pecans.
B) economic surplus is maximized.
C) the quantity demanded is economically efficient but the quantity supplied is economically inefficient.
D) the quantity supplied is greater than the economically efficient quantity.
D
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Which of the following statements accurately describes the situation shown?
a. The U.S. balance of trade on goods and services was positive in 2017.
b. The U.S. balance of trade on goods and services was $552 billion in 2017.
c. The United States had a trade deficit in 2017 on goods and services.
d. The United States had a trade surplus in 2017 on goods and services.
If the price of a good decreases by 10% and the quantity demanded increases by 5%, then at that price, the good is
A. perfectly elastic. B. perfectly inelastic. C. inelastic. D. elastic.