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:

Revenue

The total amount of money generated from the sale of goods or services, before deducting any expenses.

Total Cost

The complete cost of production that includes both fixed and variable expenses incurred to produce a good or service.

Quantity

The quantity of a physical or intangible asset or service.

Managers

Individuals in an organization responsible for directing and overseeing the work of others to achieve the organization's goals.