If resources are used efficiently, then ________
A) marginal social cost is minimized
B) consumer surplus plus producer surplus is maximized
C) consumer surplus equals producer surplus
D) producer surplus is maximized
B
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Following their profit maximizing motivation, firms will differentiate their products in a way that maximizes welfare
Indicate whether the statement is true or false
Inclusive union strategy involves
A. increasing the demand for the final product, thereby increasing the demand for labor. B. restricting the supply of union labor. C. setting job standards and entry qualifications for members. D. organizing all workers in a particular craft or industry and bargaining for a wage.
Fiscal policy involves
A. changing the money supply to change aggregate demand. B. printing money, borrowing, or taxing to cover government spending. C. changing government spending or taxes to increase aggregate demand. D. state and local authorities, not the federal government.
Given the graph, the quantity that would be associated with the price of $1 in a demand table would be:
A. 6. B. 5. C. 4. D. 3.