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.
D
You might also like to view...
In a move to free the economy from unnecessary regulation, Congress decides to remove sugar price supports. What would most likely happen to the number of producers of sugar?
a. It would decrease, because sugar prices would fall. b. It would decrease, because sugar prices would rise. c. It would increase, because sugar prices would fall. d. It would increase, because sugar prices would rise.
Define and distinguish between real and nominal GDP. Explain why the distinction is important to economists.
What will be an ideal response?
________ is a group of firms that have colluded to limit their output and raise their price
A) A cartel B) An oligopoly C) A strategy D) A duopoly
Which of the following is a difference between an income tax and an excise tax on gasoline? a. An income tax exemplifies the ability to pay principle, while an excise tax on gasoline exemplifies the benefit principle. b. An income tax is based on a marginal tax rate, while an excise tax on gasoline is based on an average tax rate. c. An income tax is proportional, while an excise tax on
gasoline is progressive. d. An income tax increases consumer surplus, while an excise tax on gasoline increases producer surplus.