Table 11-3 This Table Describes the Defense Demands for Three Equal Sized

question 154

Multiple Choice

Table 11-3
This table describes the defense demands for three equal sized groups of people in Nirvanaville.The second,third,and fourth column shows the quantity that a group will demand for a given price (the first column) .

-Refer to Table 11-3.What is the value of the 33^rd unit of national defense in Nirvanaville?

• A) $0
• B) $2
• C) $4
• D) $6

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Definitions:

Fair

An event characterized by the exhibition and sale of goods or the display of entertainment, or the adherence to equitable principles in judgments and treatments.

Collective Decision Making

The process in which a group, rather than an individual, makes a choice or judgment after considering various alternatives.

Economic Questions

Fundamental queries regarding how societies allocate scarce resources to produce goods and services for consumption, including what, how, and for whom to produce.

Allocation of Resources

The process of distributing available resources among various competing needs or uses to achieve desired objectives.