Figure 4-3 -Refer to Figure 4-3.If These Are the Only Two Consumers

question 98

Multiple Choice

Figure 4-3

-Refer to Figure 4-3.If these are the only two consumers in the market,then the market quantity demanded at a price of $6 is

• A)12 units.
• B)14 units.
• C)19 units.
• D)21 units.

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Definitions:

MC

An abbreviation commonly used for marginal cost, which is the cost added by producing one additional unit of a product or service.

Average Variable Cost

The variable cost per unit of output; the total variable cost divided by the number of units produced.

Economic Profit

The gap between the complete income and all expenses, covering overt and hidden costs.

Minimum Wage

A price floor set for the price of labor.