The efficient quantity of a public good is the quantity that sets the marginal social benefit from the good equal to the good's marginal social cost
Indicate whether the statement is true or false
TRUE
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In a perfectly competitive labor market, firms are price takers.
Answer the following statement(s) true (T) or false (F)
Which of the following statements about the short-run production function is true?
A) MP always equals AP at the maximum point of MP. B) MP always equals zero when TP is at its maximum point. C) TP starts to decline at the point of diminishing returns. D) When MP diminishes, AP is at its minimum point. E) None of the above is true.
The Economic Report of the President is prepared by: a. the President
b. Congress. c. the Office of Management and Budget. d. the Council of Economic Advisers. e. the Secretary of the Treasury.
The organizational structure where organizations are divided by products or divisions
a. functional b. line and staff c. product d. matrix