-Refer to Figure 5-4

Multiple Choice

-Refer to Figure 5-4. The figure above represents the market for pecans. Assume that this is a competitive market. Which of the following is true?

A) If the price of pecans is $3, the output will be economically efficient but there will be a deadweight loss.
B) If the price of pecans is $9, consumers will purchase more than the economically efficient output.
C) Both 4000 pounds and 12 000 pounds are economically inefficient rates of output.
D) If the price of pecans is $3, producers will sell 12 000 pounds of pecans, but this output will be economically inefficient.