Figure 4-4 -Refer to Figure 4-4.The Figure Above Represents the Market for Represents

question 182

Multiple Choice

Figure 4-4

-Refer to Figure 4-4.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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