Some of the nation's best minds are occupied with devising schemes to avoid taxes and to transfer income to favored groups at the expense of market efficiency. This is called _____

If the marginal revenue of the next unit a firm produces is $50 and its marginal cost is $35, a firm should:

A. increase production. B. reconsider past production decisions. C. decrease production. D. hold production constant.

Consumers may not experience the benefits of economies of scale because a natural monopoly

A. Increases output beyond efficient levels. B. Has higher costs with higher output. C. Engages in marginal cost pricing. D. Charges prices higher than competitive levels.