What is marginal social cost?
What will be an ideal response?
Marginal social cost is the total cost to society of producing an additional unit of a good or service. It is equal to the sum of the marginal costs of producing the product and the correctly measured damage costs involved in the process of production.
Economics
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Monopolistic competition and perfect competition are different in that monopolistically competitive firms: a. cannot earn profits in the short run
b. face firm demand curves that are less elastic than perfectly competitive firms. c. face substantial barriers to entry. d. earn economic profits in the long run.
Economics
Which of the following would likely be traded in a monopolistically competitive market?
a. Electricity b. Airline Tickets c. Pizza d. Wheat e. Water
Economics