Refer to the Accompanying Figure to Answer the Following Questions

question 59

Multiple Choice

Refer to the accompanying figure to answer the following questions.

-At the market equilibrium,price is equal to ________ units of the good are produced.

• A) $18 and 70
• B) $14 and 70
• C) $12 and 50
• D) $14 and 50
• E) $18 and 50

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Definitions:

Indifference Curves

Graphical representations that show combinations of two goods between which a consumer is indifferent.

Perfect Substitutes

Goods or services that can be used in exactly the same way and are interchangeable in consumption without affecting consumer satisfaction.

Straight Lines

Typically refers to the simplest form used in geometry and graphical analysis, representing a direct and continuous path between two points without any curves.

Budget Constraint

The limitation on the consumption choices of an individual or family based on their income and the prices of goods and services.