In the above figure, when the efficient quantity of gloves is produced, the total producer surplus is

According to your textbook, the following is the prime cause of traffic congestion:

A) Population growth B) The American automobile industry C) Most roadway space is not priced. D) A lack of commitment to public transportation expansion

The optimal level of output may be defined as that level of output where

a. average benefit exceeds average cost by the greatest amount. b. total benefit equals total cost. c. marginal benefit exceeds marginal cost by the greatest amount. d. the marginal benefit of the last unit purchased equals its marginal cost. e. it is impossible to define optimal in any meaningful way.