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:

Referent

The specific entity or thing in the real world that a word or phrase identifies or points to.

Dog

A domesticated carnivorous mammal (Canis familiaris) known for its loyalty and companionship as a pet.

Beagle

A breed of small hound dog known for its keen sense of smell and used primarily for hunting hares.

Referent

The actual object, idea, or event that a word or symbol represents.