Use the Figure to Answer the Following Question(s)

question 230

Multiple Choice

Use the figure to answer the following question(s) .
Figure 11-6
-The demand and cost conditions in an industry are as depicted in Figure 11-6. In the viewpoint of economic efficiency, what would the ideal price and output be?

• A) price, P₁; quantity produced, Q₁
• B) price, P₂; quantity produced, Q₂
• C) price, P₃; quantity produced, Q₁
• D) price, P₁; quantity produced, Q₂

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Definitions:

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