Which of the following correctly ranks the amounts from largest to smallest?
A. Output per person, total output, average labor productivity
B. Average labor productivity, output per person, total output
C. Total output, average labor productivity, output per person
D. Total output, output per person, average labor productivity
Answer: C
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In the above figure, if five million CDs per month are produced and consumed, that is
A) better than producing and consuming four million CDs because more is always better than less. B) more than the efficient quantity because the marginal social benefit exceeds the marginal social cost. C) more than the efficient quantity because the marginal social cost exceeds the marginal social benefit. D) less than the efficient quantity because the opportunity cost exceeds the marginal social benefit.
In the long run, a firm's producer surplus is equal to the
A) economic rent it enjoys from its scarce inputs. B) revenue it earns in the long run. C) positive economic profit it earns in the long run. D) difference between total revenue and total variable costs. E) difference between total revenue and total fixed costs.
In the absence of government action, the private market would probably not provide as much police protection as is socially desirable because: a. individuals are too poorly informed about the value of police protection
b. the private benefits are greater than the private costs of providing police protection. c. it is difficult to prevent free riders from benefiting from some police protection services. d. the use of police services by one person will significantly reduce the police protection available to others.
Market
What will be an ideal response?