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

question 62

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.If the price of pecans is $3, what changes in the market would result in an economically efficient output?

• A)The price would increase, the quantity supplied would decrease, and the quantity demanded would increase.
• B)The quantity supplied would increase, the quantity demanded would decrease and the equilibrium price would increase.
• C)The price would increase, the demand would decrease and the supply would increase.
• D)The price would increase, the quantity demanded would decrease and the quantity supplied would increase.

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Definitions:

Continuous Random Variable

A variable that can take an infinite number of values within a given range, with each possible value being associated with a probability.

Random Variable

A variable whose numerical values result from a random phenomenon or statistical experiment.

Constant

In mathematics and statistics, a fixed value that does not change within the scope of a given problem.

Interval

A range between two numbers or points, often used to specify a period of time or a statistical range.