The figure above shows the marginal revenue and costs of a perfectly competitive firm. The marginal cost of the last unit produced is

When misallocation of resources for production of a good results in spillover effects on third parties, there is a

A) market failure. B) government failure. C) legislative failure. D) productive failure.

Suppose two demand curves intersect and so have a point in common. At that point, demand shown by the steeper curve will be ________ the flatter curve.

A. less elastic than B. as elastic as C. more elastic than D. more likely to be unit elastic than