Refer to the supply and demand graph below for a public good. Point c on the graph shows where the:
A. Total benefit equals the total cost of the public good
B. Marginal benefit equals the marginal cost of the public good
C. Average benefit equals the average cost of the public good
D. Total benefit of the public good is at the maximum
B. Marginal benefit equals the marginal cost of the public good
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DeBeers was able to profit the most from the diamond market by selling a:
A. lot of diamonds at low prices. B. few diamonds at high prices. C. lot of diamonds at high prices. D. few diamonds at low prices.
According to the income approach, the largest component of national income is:
a. government spending. b. proprietor's income. c. net interest. d. personal consumption expenditures. e. compensation of employees.
Will MPC plus MPS always equal one? Explain why or why not
The primary aluminum industry in the United States would be described by an economist as:
A. pure competition. B. oligopoly. C. pure monopoly. D. monopolistic competition.