There is "too much" steel production if the
A) social costs of steel production are significantly lower than the private costs.
B) social benefits of steel production are declining.
C) social costs of steel production are significantly higher than the private costs.
D) social costs of steel production are declining.
C
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What is the difference between diminishing marginal returns and diseconomies of scale?
What will be an ideal response?
A firm's marginal cost has a minimum value of $4, its average variable cost has a minimum value of $6, and its average total cost has a minimum value of $7 . Then the firm will shut down in the short run once the price of its product falls below
a. $7. b. $6. c. $4. d. We do not have enough information to answer the question.
Economists attempt to discover explanations for events that are observed.
a. true b. false
A shift occurs in the supply curve for salt when:
A. the price of salt increases. B. improvements are made in the production process. C. salt is found to be associated with high blood pressure. D. consumers expect the price of salt to increase in the future.