$\text { Figure } 3-10$ -In the Supply and Demand Schedules in Figure 3-10,the Equilibrium

question 28

Multiple Choice

$\text { Figure } 3-10$$$\begin{array} { | c c c | } \hline \begin{array} { c } \text { Price } \\\text { Per Pair }\end{array} & \begin{array} { c } \text { Quantity } \\\text { Demanded }\end{array} & \begin{array} { c } \text { Quantity } \\\text { Supplied }\end{array} \\\hline \$ 2 & 18 & 3 \\\$ 4 & 14 & 4 \\\$ 6 & 10 & 5 \\\$ 8 & 6 & 6 \\\$ 10 & 2 & 8 \\\hline\end{array}$$
-In the supply and demand schedules in Figure 3-10,the equilibrium quantity of socks is

• A) 15 pairs
• B) 10 pairs
• C) 13 pairs
• D) 6 pairs
• E) 1 pair

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Definitions:

Marginal Revenue

The additional income that is generated from selling one more unit of a good or service.

Marginal Cost

The financial outlay for producing a subsequent unit of a product or service.

Market Price

The prevailing market rate at which a service or asset can be purchased or sold, influenced by the balance of supply and demand.

Marginal Cost

The additional cost incurred from producing one more unit.