In the above table, if the market is perfectly competitive and unregulated, at the equilibrium level of output, the marginal social benefit per unit is

The term "business cycle" refers to ________

A) the opening and eventual closing down of businesses B) the rising and later declining of the purchasing power of the dollar C) the acquiring of raw materials and ultimate selling of a finished product D) the tendency for rich economies to be inevitably out-paced by other economies E) the slowing and eventual accelerating of economic growth

The rate of product transformation (RPT) measures the ability of:

a. a consumer to trade one good for another while still maximizing his or her utility. b. a firm to substitute one input for another and still maintain the same production level. c. society to substitute the production of one good for another while still using a fixed supply of inputs efficiently. d. a firm to produce a final good while starting with only natural resources.