Figure 5-C
-Refer to Figure 5-C.Which of the following observations is correct?
A)The equilibrium at P2 and Q2 is inefficient.
B)From society's standpoint, Q1 is the efficient level of output.
C)True supply curve is above the demand curve at Q1.
D)The equilibrium at P1 and Q1 is efficient.

Question

Figure 5-C 
-Refer to Figure 5-C.Which of the following observations is correct?
A)The equilibrium at P2 and Q2 is inefficient. 
B)From society's standpoint, Q1 is the efficient level of output. 
C)True supply curve is above the demand curve at Q1. 
D)The equilibrium at P1 and Q1 is efficient.

Quizplus · Accepted Answer

The Answer of Figure 5-C 
-Refer to Figure 5-C.Which of the following observations is correct?
A)The equilibrium at P2 and Q2 is inefficient. 
B)From society's standpoint, Q1 is the efficient level of output. 
C)True supply curve is above the demand curve at Q1. 
D)The equilibrium at P1 and Q1 is efficient.

Figure 5-C -Refer to Figure 5-C.Which of the Following Observations Is Correct