When the amount of output is such that marginal social benefit exceeds marginal social cost, then to reach the efficient quantity
A) production should be increased.
B) production should be decreased.
C) production should remain constant.
D) More information is needed to determine if production should be increased, decreased, or not changed.
A
Economics
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Supply is elastic if
A) a 1 percent change in price leads to a larger percentage change in quantity supplied. B) a 1 percent change in price leads to a smaller percentage change in quantity supplied. C) the slope of the supply curve is positive. D) the good in question is a normal good.
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Consumer equilibrium exists when the marginal utility per dollar of expenditure is the same for all goods and services
a. True b. False Indicate whether the statement is true or false
Economics