Figure 5.4
-Refer to Figure 5.4.The figure above represents the market for pecans.Assume that this is a competitive market.If the price of pecans is $3,

Question

Figure 5.4 
-Refer to Figure 5.4.The figure above represents the market for pecans.Assume that this is a competitive market.If the price of pecans is $3,

Quizplus · Accepted Answer

At a price of $3, the quantity supplied is less than the quantity demanded, indicating that the market is not at equilibrium. This means that the quantity supplied is less than the economically efficient quantity, which would be achieved at the market equilibrium where supply equals demand.

Figure 5.4 -Refer to Figure 5.4.The Figure Above Represents the Market for the Market