Refer to the Table That Presents Mike and Janet's Demand

question 44

Multiple Choice

Refer to the table that presents Mike and Janet's demand for apples by the bushel. If they are the only two in the market, which of the following represents a point on the market demand curve? $\begin{array}{|c|c|c|}\hline \text { Price per peck } & \text { Mike Quantity in pecks } & \text { Janet Quantity in pecks } \\\hline \$ 1 & 22 & 6 \\\hline \$ 2 & 18 & 3 \\\hline \$ 3 & 14 & 0 \\\hline \$ 4 & 10 & 0 \\\hline \$ 5 & 6 & 0 \\\hline\end{array}$

• A) price = $1, quantity = 18
• B) price = $2, quantity = 21
• C) price = $4, quantity = 0
• D) price = $4, quantity = 21

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Definitions:

Public Choice Analysis

An economic theory that studies how public decisions are made, considering individuals as rational actors who pursue their self-interest.

Self-Interests

The pursuit of personal advantage and well-being, often driving economic decisions and behaviors.

Economic Inefficiency

A situation where resources are not allocated optimally, leading to wastage and a loss of potential value.

Productive Projects

Initiatives or ventures undertaken with the goal of creating goods or services that contribute to economic growth and development.