A common resource is used efficiently if marginal social benefit equals marginal social cost
Indicate whether the statement is true or false
TRUE
Economics
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The federal minimum wage law demonstrates
a. market equilibrium. b. a societal choice for economic equity over efficiency. c. the function of equilibrium price in a competitive market. d. government intervention to ensure the equilibrium price.
Economics
A market in which resources are traded is known as a(n)
a. factor market b. perfectly competitive market c. open market d. closed market e. equilibrium market
Economics