In an increasing-cost industry the long-run supply curve is upward sloping
Indicate whether the statement is true or false
TRUE
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When 2,000 hamburgers per day are produced, the marginal social benefit is $1.50 and the marginal social cost is $1.00. And when 7,500 hamburgers per day are produced, the marginal social benefit is $1.00 and the marginal social cost is $1.50
The efficient production quantity of hamburgers is ________ a day. A) more than 7,500 B) 7,500 C) between 2,000 and 7,500 D) 2,000
The marginal product of labor is the increase in output as a result of hiring an additional worker while the marginal revenue product of labor is the increase in profit as a result of hiring an additional worker
Indicate whether the statement is true or false
A union never wants to accept a negative marginal wage.
Answer the following statement true (T) or false (F)
When a government bans prostitutions, it may do so because it considers prostitution to be a:
A. progressive good. B. regressive good. C. public good. D. demerit good.