Multiple Choice
If the price of product Y is $25 and its marginal cost is $18,
A) Y is being produced with the least-cost combination of resources.
B) society will realize a net gain if less of Y is produced.
C) resources are being underallocated to Y.
D) resources are being overallocated to Y.
Correct Answer:
Verified
Correct Answer:
Verified
Q15: The transformative effects of competition that foster
Q54: In pure competition, resources are optimally or
Q76: Efficiency or deadweight losses occur in purely
Q89: The process by which new firms and
Q90: One explanation for the existence of an
Q92: If firms are losing money in a
Q95: Which of the following is true of
Q96: After all long-run adjustments have been completed,
Q97: A constant-cost industry is one in which<br>A)
Q98: Productive efficiency refers to<br>A) cost minimization, where