If in a market the last unit of output was sold at a price higher than marginal cost,
A) producers are better off producing more.
B) consumers are better off if less of the product is sold.
C) social welfare is not maximized.
D) the unit increased total profit.
C
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The marginal benefit of a good or service
A) increases as more is consumed. B) decreases as more is consumed C) remains constant as more is consumed. D) decreases as less is consumed
Flat tax
A. is same tax rate to everyone. B. is same tax rate to each component of income. C. allows a tax base with no deductions with a few exemptions and expenses. D. is same tax rate to everyone and to each component of income only. E. all of these answer options are correct.
Most businesses in the United States are organized as corporations
Indicate whether the statement is true or false
Which of the following is NOT an example of a monopolistically competitive firm?
A. Farmer Jones's wheat farm B. the Post Cereal Company C. Procter and Gamble, a large consumer products corporation D. T.J.'s Clothes, a local retail clothing store