Refer to Figure 4.6. At quantities lower than the socially efficient level, __________.
A) MWTP is higher than the marginal cost of production, the good is under supplied
B) quantity demanded is greater than the willingness to supply, the good is over supplied
C) MWTP is less than willingness to supply, the good will not be produced
D) the graph does not depict quantities that are lower than the socially efficient level
Correct Answer:
Verified
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