Table 17-3
the Table Shows the Demand Schedule for a Particular

question 56

Multiple Choice

Table 17-3
The table shows the demand schedule for a particular product.
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$$\begin{array} { | c | c | } \hline \begin{array} { c } \text { Quantity Demanded } \\\text { (Units) }\end{array} & \begin{array} { c } \text { Price } \\\text { (Dollars per unit) }\end{array} \\\hline 0 & 16 \\\hline 1 & 14 \\\hline 2 & 12 \\\hline 3 & 10 \\\hline 4 & 8 \\\hline 5 & 6 \\\hline 6 & 4 \\\hline 7 & 2 \\\hline 8 & 0 \\\hline\end{array}$$ ​
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-Refer to Table 17-3. If the marginal cost of production in this market is $4, what is the socially efficient quantity of output?

• A)3 units
• B)4 units
• C)5 units
• D)6 units

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Definitions:

Galveston

A coastal city in Texas, known for its historic significance, including the Galveston Hurricane of 1900, one of the deadliest natural disasters in US history.

Natural Disaster

Catastrophic events caused by nature such as earthquakes, hurricanes, floods, or tornadoes, which can result in significant damage and loss of life.

1900

A year that marks the beginning of the 20th century, noted for various historical, cultural, and technological developments around the world.

Racial Conventions

Socially constructed beliefs, practices, and norms that define and differentiate races, often leading to discrimination and societal inequalities.