Use the Table Below to Answer the Following Questions

question 80

Multiple Choice

Use the table below to answer the following questions.
Table 15.2.2
Chemical Fertilizer Market
-Refer to Table 15.2.2.The efficient output of fertilizer is

• A)1 tonne.
• B)2 tonnes.
• C)3 tonnes.
• D)4 tonnes.
• E)5 tonnes.

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Definitions:

Speculative Demand

Demand driven not by the direct benefits one obtains from owning or consuming a good but instead by an expectation that the price of the good will increase.

Arc Price Elasticity

A measure of the responsiveness of the quantity demanded or supplied of a good to a change in its price, over a specific price range.

Barbecue Plates

A traditional serving of various barbecued meats and accompanying side dishes, often enjoyed at social gatherings or restaurants specializing in barbecued cuisine.

Consumer Surplus

The gap in the price consumers are willing to shell out for a good or service versus what they actually do.