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(Figure: Demand Curve) Refer to the figure. Which point on the graph represents

ID: 1223559 • Letter: #

Question

(Figure: Demand Curve) Refer to the figure. Which point on the graph represents the value of the good in its next highest valued use? Point A Point B Point C the origin Each of 100 people receivers a random item from a grocery store and assigns it a value between 1 (low) and 10 (high). They trade those items among themselves for items they rather than those they randomly received and then assign a second value (again, 1 to 10) to the item that they end up with after the trading concludes How would the sum of those rather than those values before trading compare with the sum after trading? The value would stay the same because no new goods were introduced. The value would stay the same because no one has a comparative advantage After trading, value would be lower because no one can specialize After trading, value would be higher because preferences are diverse.

Explanation / Answer

Ans-Point C-refers the value of the product in it's next highest valued used.

After trading value would be higher because preferences are diverse.

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