Figure 14.1 -Refer to Figure 14.1.The Figure Above Represents the Market for the Market

Multiple Choice

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 $3,

A) economic surplus is maximised.
B) not enough consumers want to buy pecans.
C) the quantity supplied is less than the economically efficient quantity.
D) the quantity supplied is economically efficient, but the quantity demanded is economically inefficient.