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Exhibit: Markets and Efficiency Panel (a) Price per pound Panel (b) Price per pound S $0.90 $0.80 0.80 0.70 D D D QQ Pou
Posted: Mon Apr 18, 2022 9:18 am
by answerhappygod
- Exhibit Markets And Efficiency Panel A Price Per Pound Panel B Price Per Pound S 0 90 0 80 0 80 0 70 D D D Qq Pou 1 (54.13 KiB) Viewed 47 times
Exhibit: Markets and Efficiency Panel (a) Price per pound Panel (b) Price per pound S $0.90 $0.80 0.80 0.70 D D D QQ Pounds of apples per week Pounds of apples per week Panel (c) Price per pound S $0.90 0.80 D. QQ Pounds of apples per week +7 (Exhibit: Markets and Efficiency) Using Panel (a), which of the following statements is (are) true? a. A consumer purchasing apples sends a message to producers that tells them marginal benefit equals or exceeds marginal cost. b. A consumer's decision to buy apples ratifies the decisions of producers to forgo the production of other goods to produce apples. c. At the equilibrium price, the marginal benefit of apples to consumers is reflected by the price they are willing to pay and is equal to the marginal cost of apples. d. All of the above statements are true.