Resource use is allocatively efficient when marginal benefit is
A) greater than marginal cost.
B) equal to marginal cost.
C) less than marginal cost.
D) at its maximum value.
B
Economics
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Consumer surplus is the difference between:
a. what the consumer is willing to pay and what the consumer must actually pay to receive a good or service. b. the quantity of goods a consumer is willing to buy and the quantity of goods the consumer actually buys. c. what the producer is willing to receive and what the consumer must actually pay to receive a good or service. d. the quantity of goods a producer is willing to and the quantity of goods the consumer actually buys.
Economics
When quantity supplied is very responsive to a change in price, supply is
A) elastic. B) unit-elastic. C) inelastic. D) income sensitive.
Economics