The more we have of a good or service, the smaller is its marginal benefit and the less we are willing to pay for an additional unit of it

Refer to Figure 5-4. Why is there a deadweight loss?

A) because the marginal social cost of producing each additional unit in excess of Q2 exceeds the marginal benefit B) because the marginal social benefit of producing each additional unit in excess of Q2 exceeds the private cost C) because the marginal private cost of producing each additional unit in excess of Q2 exceeds the marginal benefit D) because the marginal private benefit of producing each additional unit in excess of Q2 exceeds the social cost

The number of workers hired by a firm at a specific wage rate can be determined if you know the

a. price of the good b. supply curve of labor c. MPP of labor d. MLC (marginal labor cost) e. MRP of labor