In the above table, if the market is perfectly competitive and unregulated, at the equilibrium level of output, the marginal social benefit per unit is
A) zero.
B) $20 per unit.
C) $50 per unit.
D) $70 per unit.
D
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Explain the effects of communal farming on the incentive for individual farmers to expand their farms, relative to the incentives that exist in a market system
What will be an ideal response?
The above table shows Homer's utility from boxes of doughnuts. The marginal utility that Homer receives from the third box of doughnuts is equal to
A) 75. B) 25. C) 20. D) 3.
An inferior good has a ________ income elasticity of demand and quantity demanded ________ as income rises
A) negative; increases B) negative; decreases C) positive; increases D) positive; decreases
When economists speak of the short run, they are referring to _____
a. a specific period of time, usually less than one year b. a specific period of time, more than one year, but less than two years c. a specific period of time just long enough that the quantities of all resources can be varied d. a period of time short enough that the quantities of at least one of the resources cannot be varied e. a period of time short enough that none of the quantities of the resources can be varied