Price (dollars per pound) $9 Supply 3 Demand 0 4,000 8,000 12,000 Quantity (pounds) Refer to Figure 4-4. The figure above represents the market for pecans. Assume that this is a competitive market. If the price of pecans is $3 O not enough consumers want to buy pecans. O the quantity supplied is economically efficient but the quantity demanded is economically inefficient O the quantity supplied is less than the economically efficient quantity total surplus is maximized.