Multiple Choice
Assume that society places a higher value on the last unit of X produced than the value of the resources used to produce that unit.With no spillovers, this information means that
A) total cost is greater than total revenue.
B) price is greater than marginal cost.
C) marginal cost is greater than price.
D) resources are being overallocated to X.
Correct Answer:
Verified
Correct Answer:
Verified
Q8: Suppose that an industry's long-run supply curve
Q10: The long-run market supply curve would be
Q11: Assume that the market for corn is
Q61: Allocative efficiency is achieved by equalizing consumer
Q76: Long-run competitive equilibrium<br>A) is realized only in
Q100: If a purely competitive firm is producing
Q148: The term productive efficiency refers to<br>A) any
Q176: Under pure competition, in the long run<br>A)
Q197: When a competitive firm sees the price
Q238: Creative destruction is something that our society