In the above figure, when the efficient quantity is produced the marginal social benefit of the last magazine is
A) $1.
B) $3.
C) $5.
D) some amount not given in the above three answers.
B
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Total economic profit is
A) total revenue minus total opportunity cost. B) total revenue divided by total cost. C) marginal revenue minus marginal cost. D) marginal revenue divided by marginal cost.
In the Keynesian cross diagram, a decrease in investment spending because companies become more pessimistic about investment profitability causes the aggregate demand function to shift ________ and the equilibrium level of aggregate output to
________, everything else held constant. A) up; rise B) up; fall C) down; rise D) down; fall
Which of the following increases the demand for money?
A) an increase in the costs of transferring between money and non-money accounts B) a decrease in real GDP C) a decrease in the price level D) declining preferences by consumers for holding money
Which does not necessarily apply to a pure monopoly?
A. The firm must be the sole producer of a product. B. Entry must be blocked. C. The firm must earn economic profits. D. The product the firm produces must have no close substitutes.