Price reflects the value households place on a good and marginal cost reflects the ________ of the resources needed to produce a good.

Suppose that a firm's long-run average total costs of producing an individual income tax return is $75 when it produces 1,000 returns and $75 when it produces 1,200 returns. For this range of output, the firm is experiencing

a. economies of scale. b. constant returns to scale. c. diseconomies of scale. d. specialization.

Which of the following provides health-care coverage to people age 65 and over?

A) Medicaid B) Medicare C) Social Security D) Health-Aid