Lines at gas pumps were caused by _____________ in the 1970's.

The above figure shows the marginal private cost curve, marginal social cost curve, and marginal social benefit curve for raising goats on a common pasture. The efficient outcome is raising ________

A) 0 goats B) 40 goats C) 50 goats D) 55 goats

The term "quantity demanded":

A. means the same thing as demand. B. refers to the amount of a product that will be purchased at some specific price. C. refers to the entire series of prices and quantities that comprise the demand schedule. D. refers to a situation in which the income and substitution effects do not apply.