-Figure 4-3 Shows the Supply and Demand for Socks

question 29

Multiple Choice

$$\begin{array} { | c c c } \hline { \text { Fimure 4-3 } } \\\hline \text { Price } & \text { Quartity } & \text { Quartity } \\\text { Per Pair } & \text { Demarded } & \text { Supplied } \\\hline \$ 2 & 18 & 3 \\\$ 4 & 14 & 4 \\\$ 6 & 10 & 5 \\\$ 8 & 6 & 6 \\\$ 10 & 2 & 8 \\\hline\end{array}$$
-Figure 4-3 shows the supply and demand for socks.If a price floor of $6 is imposed,the quantity of socks actually purchased will be

• A) 10 pairs
• B) 5 pairs
• C) 6 pairs
• D) 15 pairs
• E) 13 pairs

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Definitions:

Opportunity Cost

The value of the next best alternative foregone as a result of making a decision.

Point E

typically used in the context of graphs, it can represent a specific equilibrium point or any designated point of interest.

Point D

In the context of economics or finance, this term is incomplete without additional context to define its specific relevance.

Opportunity Cost

Overlooking potential benefits from competing options when one is ultimately selected.