The figure above represents the competitive market for slices of key lime pie. When 60 slices are produced, the marginal cost
A) exceeds the marginal benefit.
B) is less than the marginal benefit.
C) equals the marginal benefit.
D) is not defined.
E) equals the deadweight loss on the 60th slice.
C
Economics
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Refer to Table 2.1. GDP in 2013 is
A) $243.00. B) $267.50. C) $294.00. D) $302.50.
Economics
An upward-sloping supply curve shows that: a. buyers are willing to pay more for particularly scarce products
b. suppliers expand production as the product price falls. c. suppliers are willing to increase production of their goods if they receive higher prices for them. d. buyers are willing to buy more as the product price falls. e. buyers are not affected either directly or indirectly by the sellers' costs of production.
Economics