The primary purpose of antitrust legislation is to
a. protect small business
b. protect the competitiveness of U.S. business
c. protect the prices of American-made products
d. ensure American labor is paid a fair wage
e. ensure firms earn only a fair profit
B
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Marginal cost is the opportunity cost
A) that your activity imposes on someone else. B) that arises from producing one more unit of a good or service. C) of a good or service that exceeds its benefit. D) of a good or service divided by the number of units produced.
What is allocative efficiency?
A) It refers to a situation in which resources are allocated such that the last unit of output produced provides a marginal benefit to consumers equal to the marginal cost of producing it. B) It refers to a situation in which resources are allocated to their highest profit use. C) It refers to a situation in which resources are allocated such that goods can be produced at their lowest possible average cost. D) It refers to a situation in which resources are allocated fairly to all consumers in a society.