At the current quantity of pizza, the marginal social benefit is greater than the marginal social cost. Then
A) the number of pizzas produced is efficient.
B) more pizzas must be produced to reach the efficient level.
C) fewer pizzas must be produced to reach the efficient level.
D) revenue for pizza producers is maximized.
B
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Refer to the above table. What does the marginal physical product equal when the amount of labor goes from 10 to 11 units?
A) 600 B) 500 C) 100 D) 54.5
Identify two reasons why an individual's labor supply curve is typically upward-sloping.
What will be an ideal response?
An appreciation of the Japanese yen relative to the U.S. dollar will
A. increase aggregate demand in the United States. B. increase aggregate supply in the United States. C. increase aggregate demand in Japan. D. decrease aggregate supply in Japan.
Refer to the information provided in Figure 24.1 below to answer the question(s) that follow.
Figure 24.1Refer to Figure 24.1. Injections = leakages
A. when consumption = saving. B. at equilibrium. C. when output = investment. D. when income = zero.