The table above shows the marginal costs and marginal benefits of college education. If the market for college education is perfectly competitive and unregulated, at the equilibrium quantity, the marginal social benefit is

Labor market equilibrium occurs at a real wage where the demand for labor exceeds the supply of labor

Indicate whether the statement is true or false

If production displays diseconomies of scale, the long-run average cost curve is

A) above the long-run marginal cost curve. B) downward sloping. C) above the short-run average total cost curve. D) upward sloping.