The above table shows marginal costs and marginal benefits of clean air in a particular industrial area. In the table, when the quantity of clean air is at 25 percent
A) the quantity of polluted air is 25 percent.
B) the marginal benefit of clean air exceeds the marginal cost.
C) the marginal benefit of clean air is less than the marginal cost.
D) the quantity of clean air is optimal.
B
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A firm’s demand curve can be used to determine average revenue.
Answer the following statement true (T) or false (F)
An example of an intermediate good would be a(n)
a. new car. b. used car. c. new tire for a used car. d. tire for a new car. e. All of the above.
In a production possibilities frontier graph, the cost of producing more units of a good is measured by the
A. dollar value of the resources used to produce the good. B. amount of the other good or service that must be forgone. C. dollar value of the additional output. D. area in the arc between the PPF and a straight line drawn between the starting point and the ending point. E. None of these answers is correct.
The Bureau of Consumer Financial Protection was created in 2010 to become part of the:
A. U.S. Treasury Department B. Federal Reserve System C. Department of Commerce D. Office of the President