For a private good, the economy's marginal social benefit curve is the _______________ sum of the individual marginal benefit curves and for a public good, the economy's marginal social benefit curve is the ________________ sum of the individual marginal benefit curves.

The guiding function of price is

A) the movement of price to clear the market of any shortages or surpluses. B) the use of price as a signal to guide government on the use of market subsidies. C) a long-run function resulting in the movement of resources into or out of markets. D) the movement of price as a result of changes in the demand for a product.

Refer to the graph shown. If this firm is maximizing profit, it will:

A. earn just normal profits, that is, zero economic profits. B. earn economic profits. C. make enough to cover its variable costs but not its fixed costs. D. incur a loss.