Figure 14.1 
-Refer to Figure 14.1.The figure above represents the market for pecans.Assume that this is a competitive market.If the price of pecans is $9, what changes in the market would result in an economically efficient output?
A) The price would decrease, the quantity supplied would decrease, and the quantity demanded would increase.
B) The quantity supplied would increase, the quantity demanded would decrease and the equilibrium price would decrease.
C) The price would decrease, the demand would increase and the supply would decrease.
D) The price would increase, the quantity demanded would decrease and the quantity supplied would increase.
Correct Answer:
Verified
Q15: In a competitive market equilibrium,
A)total consumer surplus
Q16: Figure 14.1 Q17: The construction of a market demand curve Q21: What is one difference between the demand Q22: An example, from the list below, of Q23: Public goods are distinguished by two primary Q24: What does the supply curve of a Q71: Economic efficiency is defined as a market Q81: Will equilibrium in a market always result Q86: If there is a market outcome in
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