Figure 2 This diagram illustrates the market for gizmos 99 Demand 84 K B 64 H 54 R LAC 43 MR LMC 75 175 230 Quantity (units) Price (units)

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter3: Demand And Supply
Section: Chapter Questions
Problem 47CTQ: Agricultural price supports result in governments holding large inventories of agricultural...
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Question

Under a marginal cost pricing option, the market price and quantity of gizmos would be:

 

A. $64 and 15 units

 

B. $99 and 75 units

 

C. $43 and 230 units

 

D. $54 and 230 units

Figure 2
This diagram illustrates the market for
gizmos
99
Demand
84
W
K
B
64
H
54
43
· LAC
MR
LMC
75
175
230
Quantity (units)
Price (units)
Transcribed Image Text:Figure 2 This diagram illustrates the market for gizmos 99 Demand 84 W K B 64 H 54 43 · LAC MR LMC 75 175 230 Quantity (units) Price (units)
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