Refer to the figure below. At the 30th unit of action, which of the following is true?
A) Marginal cost exceeds marginal benefit.
B) Marginal benefit exceeds marginal cost.
C) Total losses are minimized.
D) Total gains are maximized.
B) Marginal benefit exceeds marginal cost.
You might also like to view...
Which of the following is the best example of a noninvasive research method for studying primates?
a. drawing blood for analysis b. caging primates separately to enforce language learning c. restructuring primate family groups to study social behavior d. taking fecal samples to study diet and health
In the state, many people are relieved of the need for __________.
A) food consumption B) being a specialist of some sort C) making a living D) food production
A major factor leading to the diminishing importance of the extended family in industrial societies was the high rate of geographic mobility
Indicate whether the statement is true or false.
At a particular output level, if a firm's long-run marginal cost is $12 and its long-run average cost is $8, the firm is likely to be experiencing ________.
A) economies of scale B) constant returns to scale C) diseconomies of scale D) sunk costs