Figure 4.6 Price $9 6 x 4,000 8,000 Supply 12,000 Demand Quantity Refer to Figure 4.6. The figure above represents the market for pecans. Assume that this is a competitive market. At a price of $9, O A. consumers' willingness to pay is greater than producers' willingness to sell, therefore, output produced is inefficiently low. B. the marginal cost of pecans is greater than the marginal benefit; therefore, output is inefficiently low. C. producers should lower the price to $3 in order to sell the quantity demanded of 4,000. D. the marginal benefit of pecans is greater than the marginal cost; therefore, output is inefficiently low. O E. the marginal benefit of pecans is greater than the marginal cost; therefore, output is inefficiently high.
Figure 4.6 Price $9 6 x 4,000 8,000 Supply 12,000 Demand Quantity Refer to Figure 4.6. The figure above represents the market for pecans. Assume that this is a competitive market. At a price of $9, O A. consumers' willingness to pay is greater than producers' willingness to sell, therefore, output produced is inefficiently low. B. the marginal cost of pecans is greater than the marginal benefit; therefore, output is inefficiently low. C. producers should lower the price to $3 in order to sell the quantity demanded of 4,000. D. the marginal benefit of pecans is greater than the marginal cost; therefore, output is inefficiently low. O E. the marginal benefit of pecans is greater than the marginal cost; therefore, output is inefficiently high.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![Figure 4.6
Price
$9
6
x
4,000
8,000
Supply
12,000
Demand
Quantity
Refer to Figure 4.6. The figure above represents the market for pecans. Assume that this is a competitive market. At
a price of $9,
O A. consumers' willingness to pay is greater than producers' willingness to sell, therefore, output produced is
inefficiently low.
B. the marginal cost of pecans is greater than the marginal benefit; therefore, output is inefficiently low.
C. producers should lower the price to $3 in order to sell the quantity demanded of 4,000.
D. the marginal benefit of pecans is greater than the marginal cost; therefore, output is inefficiently low.
O E. the marginal benefit of pecans is greater than the marginal cost; therefore, output is inefficiently high.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdf29ddf2-4e4f-471b-9e06-6df08f7199e1%2F4b1e719c-66de-4d4f-9399-ccb16f11bf7d%2Fj97s9y_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Figure 4.6
Price
$9
6
x
4,000
8,000
Supply
12,000
Demand
Quantity
Refer to Figure 4.6. The figure above represents the market for pecans. Assume that this is a competitive market. At
a price of $9,
O A. consumers' willingness to pay is greater than producers' willingness to sell, therefore, output produced is
inefficiently low.
B. the marginal cost of pecans is greater than the marginal benefit; therefore, output is inefficiently low.
C. producers should lower the price to $3 in order to sell the quantity demanded of 4,000.
D. the marginal benefit of pecans is greater than the marginal cost; therefore, output is inefficiently low.
O E. the marginal benefit of pecans is greater than the marginal cost; therefore, output is inefficiently high.
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