The figure above represents the competitive market for slices of key lime pie. When 60 slices are produced, the marginal cost
A) exceeds the marginal benefit.
B) is less than the marginal benefit.
C) equals the marginal benefit.
D) is not defined.
E) equals the deadweight loss on the 60th slice.
C
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It is difficult to create barriers to entry if the information content of a product can be separated from the physical aspects of the product
Indicate whether the statement is true or false
What is the free-rider problem and how does it cause the underproduction of a public good in a competitive market?
Please provide the best answer for the statement.
To derive the demand curve from the indifference map
A) vary the price of one good while holding the price of the other good and income constant. B) vary the prices of both goods while holding income constant. C) vary the price of one good and income while holding the price of the other good constant. D) vary income while holding the prices constant.
Which of the following people is frictionally unemployed?
A) Samantha, who worked part-time in J.C. Penney to help with the Christmas rush but was laid off in January B) Amanda, a sales associate at J.C. Penney who quit her job to attend school full time C) Tran, a building construction supervisor who was fired because of a downturn in the building industry that is the result of a general downturn in the economy D) Eugene, a pharmaceutical drug salesman who was laid off when his company lost a large contract with an HMO E) Cara, an executive who lost her job because her company could not compete with foreign competition and whose skills are not wanted by other companies