Use the Figure Below to Answer the Following Questions

question 125

Multiple Choice

Use the figure below to answer the following questions. Figure 3.2.1
-Which one of the following statements best characterizes point B in Figure 3.2.1?

• A)Producers would be unwilling to sell the 9,000th apple for less than $0.50.
• B)The most that consumers would be willing to pay for the 9,000th apple is $0.50.
• C)At a price of $0.50,consumers will be unwilling to buy any apples.
• D)At a price of $0.50,there will be an apple shortage.
• E)At point B,the market is in equilibrium.

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Definitions:

Ethical Imperatives

Moral obligations or commands that are viewed as universally true and guiding principles of behavior.

Comparative Reasoning

The process of using what is more familiar to make interpretations, explanations, or inferences about what is less familiar.

Ideological Reasoning

The process of thinking that begins with abstractions or generalizations that express one’s core beliefs, concepts, values, or principles and proceeds to reason top down to specific applications. Ideological reasoning is deductive and axiomatic. The argument maker takes the ideological premises on faith.