A situation in which the price charged is equal to society's opportunity cost is known as
A) market failure.
B) marginal monopoly pricing.
C) marginal profits.
D) marginal cost pricing.
Answer: D
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In comparing the Cournot equilibrium with the competitive equilibrium,
A) both profit and output level are higher in Cournot. B) both profit and output level are higher in the competitive equilibrium. C) profit is higher, and output level is lower in the competitive equilibrium. D) profit is higher, and output level is lower in Cournot.
The firm's supply curve in the short run is given by
A) The segment of the marginal cost curve above average variable cost. B) The segment of the marginal cost curve above the break-even price. C) The segment of the marginal cost curve above average total cost. D) None of the above.
What is the real value of money?
A) the ability of shop at market prices B) the quantity of goods it can buy C) its compounded earnings in banks D) its face value
A student wrote: "When the average product of labor exceeds the marginal product, the marginal product is increasing." If you were the instructor, how would you correct this statement?
What will be an ideal response?