Use the Following Figure to Answer the Question : Figure

question 46

Multiple Choice

Use the following figure to answer the question : Figure 20-2 : shows the competitive supply curve of a commodity is given by S₁,the private marginal benefit curve is D₁,the marginal social benefit curve is D₂,and the MB_E curve reflects the marginal external benefits.
-In Figure 20-2,the price level when the efficient output is being produced is _____ than the price level when the market equilibrium output is being produced by _____.

• A)less;$8
• B)more;$4
• C)less;$3
• D)more;$3

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Definitions:

Populist Party

A political party in the United States in the late 19th century that represented the interests of farmers and laborers.

Small Farmers

Individuals who own and operate smaller plots of land, primarily for the cultivation of crops and raising livestock, often for family consumption and local markets.

Whig Party

A political party active in the mid-19th century United States, advocating for federal government involvement in the economy and opposed to the Democratic Party's policies.

Slavery

was a system in which individuals were owned by others as property and forced to work without rights or compensation.