Figure 4-5
-Refer to Figure 4-5. The figure above represents the market for pecans. Assume that this is a competitive market. If the price of pecans is $3
A) economic surplus is maximized.
B) not enough consumers want to buy pecans.
C) the quantity supplied is less than the economically efficient quantity.
D) the quantity supplied is economically efficient but the quantity demanded is economically inefficient.

Question

Figure 4-5 
-Refer to Figure 4-5. The figure above represents the market for pecans. Assume that this is a competitive market. If the price of pecans is $3
A) economic surplus is maximized. 
B) not enough consumers want to buy pecans. 
C) the quantity supplied is less than the economically efficient quantity. 
D) the quantity supplied is economically efficient but the quantity demanded is economically inefficient.

Quizplus · Accepted Answer

The quantity supplied is less than the economically efficient quantity.

Figure 4-5 -Refer to Figure 4-5. the Figure Above Represents the Market