Figure 14.1 -Refer to Figure 14.1.The Figure Above Represents the Market for the Market

question 64

Multiple Choice

Figure 14.1
-Refer to Figure 14.1.The figure above represents the market for pecans.Assume that this is a competitive market.At a price of $9,

• 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 4000.
• C)the marginal benefit of pecans is greater than the marginal cost; therefore, output is inefficiently high.
• D)the marginal benefit of pecans is greater than the marginal cost; therefore, output is inefficiently low.

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