Refer to the table and information below. What is the total cost and total benefit of projects 1, 2, and 3?
A government is considering undertaking one or more construction projects. The estimated marginal costs and benefits of each project are given in the table.
A. Total cost is $18 million and total benefit is $19 million
B. Total cost is $24 million and total benefit is $27 million
C. Total cost is $37 million and total benefit is $41 million
D. Total cost is $65 million and total benefit is $66 million
C. Total cost is $37 million and total benefit is $41 million
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Suppose a monopolistically competitive industry evolved into a perfectly competitive industry. Which of the following statements is correct?
A) The industry would produce more output and charge a lower price after the change. B) The industry would produce at decreasing returns to scale. C) Elasticity of demand for the firm's product would remain the same after this change occurred. D) This industry would produce the same level of output at lower prices in the long run than before the change.
Why is it that only a small percentage of American firms are incorporated?
a. Corporate debt as stockholder's liability. b. Small size of firms. c. Unlimited liability. d. Inability to outlast associated individuals.