Use the figure below to answer the following questions. Figure 3.2.1
-Which one of the following statements best characterizes point B in Figure 3.2.1?
A)Producers would be unwilling to sell the 9,000th apple for less than $0.50.
B)The most that consumers would be willing to pay for the 9,000th apple is $0.50.
C)At a price of $0.50,consumers will be unwilling to buy any apples.
D)At a price of $0.50,there will be an apple shortage.
E)At point B,the market is in equilibrium.

Question

Use the figure below to answer the following questions.  Figure 3.2.1
-Which one of the following statements best characterizes point B in Figure 3.2.1?
A)Producers would be unwilling to sell the 9,000th apple for less than $0.50. 
B)The most that consumers would be willing to pay for the 9,000th apple is $0.50. 
C)At a price of $0.50,consumers will be unwilling to buy any apples. 
D)At a price of $0.50,there will be an apple shortage. 
E)At point B,the market is in equilibrium.

Quizplus · Accepted Answer

Point B represents the maximum price consumers are willing to pay for the 9,000th apple, which is $0.50.

Use the Figure Below to Answer the Following Questions