Multiple Choice
Use the following to answer questions:
Figure: Demand and Supply 
-(Figure: Demand and Supply) Refer to the figure. Which statement is TRUE?
A) The gains from trade are maximized at 20 units of output.
B) At 16 units of output, there are unexploited gains from trade.
C) Buyers are willing to pay $20 for the 16th unit of output and it costs sellers $60 to produce that unit.
D) A free market is likely to produce less than 12 units of output.
Correct Answer:
Verified
Correct Answer:
Verified
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