-Refer to Figure 14-1

question 2

Multiple Choice

-Refer to Figure 14-1. The figure above represents the market for pecans. Assume that this is a competitive market. If 4000 pounds of pecans are sold,

• A) the deadweight loss is equal to $12 000.
• B) consumer surplus equals zero.
• C) the marginal benefit of each of the 4000 pounds of pecans equals $3.
• D) marginal benefit is equal to marginal cost.

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Definitions:

Reliability

The consistency and stability of a test, measurement, or instrument over time or different conditions.

Multiple-choice

A type of question or assessment method that presents respondents with several answer options, allowing them to select one or more as the correct answer.

Rorschach

A projective psychological test consisting of inkblots presented to individuals, who describe what they see, used to assess their personality and emotional functioning.

Validity

The extent to which a test, tool, or research accurately measures what it is intended to measure.