Figure 4-4 -Refer to Figure 4-4.The Figure Above Represents the Market for Represents

question 198

Multiple Choice

Figure 4-4

-Refer to Figure 4-4.The figure above represents the market for pecans.Assume that this is a competitive market.At a quantity of 12,000 pounds,

• A)the marginal cost of pecans is greater than the marginal benefit; therefore, output is inefficiently low.
• B)producers should lower the price to $3 in order to sell the quantity demanded of 12,000.
• C)the marginal cost of pecans is greater than the marginal benefit; therefore, output is inefficiently high.
• D)the marginal benefit of pecans is greater than the marginal cost; therefore, output is inefficiently high.

---

Definitions:

Performance-contingent Basis

is a system where rewards or payments are based on the achievement of specific performance criteria.

Employee Needs

The requirements or desires of workers that, when fulfilled, lead to their satisfaction and motivation, including physiological, safety, social, esteem, and self-actualization needs.

Valence

The perceived attractiveness or desirability of a reward or outcome.

Sales Performance

An evaluation of the effectiveness and outcomes of sales activities, typically measured against goals or benchmarks.