-The Above Figure Shows a Graph of the Market for Pizzas

question 97

Multiple Choice

-The above figure shows a graph of the market for pizzas in a large town.At a price of $7,there will be

• A)excess demand.
• B)excess supply.
• C)equilibrium.
• D)zero demand.

Understand the principle of economic efficiency as a criterion for evaluating economic actions.

Analyze the consequences of actions that have greater costs than benefits on society's welfare.

Identify when an economic activity should or should not be undertaken based on its costs and benefits.

Distinguish between different standards (e.g., majority vote, economic efficiency) used to evaluate economic activities.