The above figure shows the marginal social benefit and marginal social cost curves of coffee in the nation of Kaffenia. Producing and consuming the efficient quantity of coffee in Kaffenia means that
A) the marginal social cost of the last pound of coffee is at the lowest possible value.
B) the marginal social benefit of the last pound of coffee is at its highest possible value.
C) to produce more coffee, the marginal social benefit of an additional pound of coffee is less than its marginal social cost.
D) All of the above are correct.
C
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A patent gives a single person or firm the exclusive right to sell some good or service forever
a. True b. False Indicate whether the statement is true or false
Price elasticity of demand refers to the ratio of the:
A. percentage change in price of a good in response to a percentage change in quantity demanded. B. percentage change in price of a good to a percentage increase in income. C. percentage change in the quantity demanded of a good to a percentage change in its price. D. percentage change in the quantity demanded of a good to a percentage change in income.
The long-run equilibrium for a monopolistically competitive firm is to the left of the low point on its average total cost curve.
Answer the following statement true (T) or false (F)
The marginal revenue product of labor curve will always shift to the left if
A. the price of capital falls. B. product demand decreases and product price decreases. C. the wage rate falls. D. product demand increases and product price increases.