Figure 4-7 -Refer to Figure 4-7. the Figure Above Represents the Market

question 151

Multiple Choice

Figure 4-7
-Refer to Figure 4-7. The figure above represents the market for iced tea. Assume that this is a competitive market. If the price of iced tea is $1

• A) the quantity supplied is less than the economically efficient quantity.
• B) the quantity supplied is economically efficient but the quantity demanded is economically inefficient.
• C) economic surplus is maximized.
• D) not enough consumers want to buy iced tea.

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Definitions:

Behavioral Perspective

An approach to understanding human behavior that focuses on the observable behaviors and the effects of the environment on those behaviors.

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