Resource use is allocatively efficient
A) when marginal benefit equals marginal cost.
B) whenever marginal benefit exceeds marginal cost.
C) whenever marginal cost exceeds marginal benefit.
D) when the maximum possible quantity is being produced.
A
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Refer to Table 4-11. The equations above describe the demand and supply for Chef Ernie's Sushi-on-a-Stick. The equilibrium price and quantity for Chef Ernie's sushi are $60 and 20 thousand units
What is the value of economic surplus in this market? A) $300 thousand B) $600 thousand C) $1,200 thousand D) $1,600 thousand
Consumer spending accounts for about 70 percent of GDP
a. True b. False Indicate whether the statement is true or false
The term quantity supplied refers to the quantities of a good that sellers are willing and able to sell at all prices
a. True b. False Indicate whether the statement is true or false
Which of the following is a consequence of the formation of a cartel? a. Output produced will be lower than the equilibrium output. b. Prices charged will be lower than the equilibrium price
c. Consumer surplus will increase. d. Products will be more innovative.