The efficient quantity of a pure public good occurs when the marginal cost of producing that good equals the
A) marginal benefit to the median voter.
B) marginal benefit to each individual.
C) sum of all individual marginal benefits.
D) sum of all individual marginal benefits divided by the number of voters.
C
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What do many economists see finance companies as having an advantage in?
A) purchasing commercial paper B) selling long-term securities C) monitoring the value of collateral D) charging consumers particularly low interest rates
The marginal product of labor can be defined as: a. the change in profit divided by the change in labor, other factors of production held constant
b. the change in total output provided by a one unit increase in labor employed, other factors of production held constant. c. the total output divided by the total labor utilized. d. the change in labor utilized divided by the change in total output, other factors of production held constant.