Use the Figure Below to Answer the Following Questions

question 35

Multiple Choice

Use the figure below to answer the following questions. Figure 3.2.1
-Point A in Figure 3.2.1 indicates that

• A)$1 is the least that consumers are willing to pay for the 4,000th apple.
• B)consumers will not be in equilibrium if the price of an apple is $1.
• C)consumers will only pay $1 for any apple.
• D)if the price is $1,consumers will plan to buy 4,000 apples.
• E)if the price is more than $1,consumers will buy 9,000 apples.

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Definitions:

Private Property

A legal designation for the ownership of property by non-governmental legal entities, affording the owner exclusive rights to the use, disfranchisement, and transfer of the property.

Enforce Contracts

The process of legally ensuring that the terms of a contract are carried out as agreed, often involving judicial or regulatory intervention.

External Benefits

Advantages or positive effects generated by an economic activity that benefit individuals or entities not directly involved in the activity.

Market Forces

The natural forces of supply and demand that govern the functioning of the free market, determining prices and production levels.