Price (dollars per pound) $9 6 3 Figure 4-4 4,000 8,000 12,000 Supply Demand Quantity (pounds) 1) Refer to Figure 4-4. The figure above represents the market for pecans. Assume that this is a competitive market. At a price of $9 A) producers should lower the price to $3 in order to sell the quantity demanded of 4,000. B) the marginal benefit of pecans is greater than the marginal cost; therefore, output is inefficiently low. C) the marginal benefit of pecans is greater than the marginal cost; therefore, output is inefficiently high. D) the marginal cost of pecans is greater than the marginal benefit; therefore, output is inefficiently low.

Price (dollars per pound) $9 6 3 Figure 4-4 4,000 8,000 12,000 Supply Demand Quantity (pounds) 1) Refer to Figure 4-4. The figure above represents the market for pecans. Assume that this is a competitive market. At a price of $9 A) producers should lower the price to $3 in order to sell the quantity demanded of 4,000. B) the marginal benefit of pecans is greater than the marginal cost; therefore, output is inefficiently low. C) the marginal benefit of pecans is greater than the marginal cost; therefore, output is inefficiently high. D) the marginal cost of pecans is greater than the marginal benefit; therefore, output is inefficiently low.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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