Multiple Choice
Figure 11.1 
-Refer to Figure 11.1.The figure above represents the market for pecans.Assume that this is a competitive market.At a price of $9,
A) the marginal cost of pecans is greater than the marginal benefit; therefore, output is inefficiently low.
B) producers should lower the price to $3 in order to sell the quantity demanded of 4000.
C) the marginal benefit of pecans is greater than the marginal cost; therefore, output is inefficiently high.
D) the marginal benefit of pecans is greater than the marginal cost; therefore, output is inefficiently low.
Correct Answer:
Verified
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