The figure above shows the market for milk. When the efficient quantity of milk is produced, the marginal social cost of the last gallon is
A) $3.50.
B) $3.00.
C) $2.50.
D) $2.00.
B
You might also like to view...
Which group opposed having lots of money in the economy after the Civil War and before World War I?
(a) Those individuals with debt (businesses) (b) Those buying and selling commodities (farmers) (c) Those providing credit through deposits and other venues (wealthy and savers) (d) Those benefitting from rising wages and prices
The population growth rate is 1 percent in Maria’s country and 3 percent in Daniel’s country? Which statement about their countries is most likely true?
a. People in Daniel’s country are generally wealthier than people in Maria’s country. b. Families in Maria’s country have better access to medical care than families in Daniel’s country. c. Women in Maria’s country have lower opportunity costs associated with raising children than women in Daniel’s country. d. Women in Daniel’s country are generally better educated than women in Maria’s country.
Consider the accompanying figure representing the labor market below.
In the absence of any government intervention, the equilibrium wage is ________ per hour, and the equilibrium employment level is ________ workers per hour.
A. $4; 200 B. $12; 200 C. $8; 400 D. $12; 600
Financial instruments are different from money because they:
A. have greater liquidity. B. can allow for the transfer of risk. C. can act as a store of value and money cannot. D. can't be a means of payment but money can.