Refer to the Accompanying Table,where Q Represents the Quantity Produced,internal

question 158

Multiple Choice

Refer to the accompanying table,where Q represents the quantity produced,internal cost and external cost are given for various quantities,and P represents the price consumers are willing to pay for various quantities to answer the following questions.

-The market equilibrium occurs where price is __________ and quantity is _________.

• A) $4; 2
• B) $8; 4
• C) $10; 3
• D) $10; 5
• E) $12; 6

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Definitions:

Pyrotechnics

Pyrotechnics refers to the science and art of creating firework displays and other related pyrotechnic effects used in performances and celebrations.

Gunpowder

A chemical mixture used in the past as a propellant in firearms and fireworks, consisting mainly of saltpeter, charcoal, and sulfur.

Gilberto

A given name of Portuguese or Italian origin, often signifying someone with a bright or shining pledge.

Trumpet

a brass musical instrument with a flared bell and bright, penetrating tone, played by blowing air through closed lips to produce a buzzing sound.