In a perfectly competitive industry, which of the following is true?
a. The competitive price is higher and quantity higher than the socially efficient point.
b. The competitive price is higher and quantity lower than the socially efficient point.
c. Since the industry is perfectly competitive, price and quantity are at the socially efficient levels.
d. The competitive price is lower and quantity higher than the socially efficient point.
d
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Marginal benefit is the
A) total benefit we receive from consuming a good or service. B) additional benefit we receive from consuming one more unit of a good or service. C) minimum amount of other goods or services we are willing to give u
A business owner makes 50 items a day. Each day he/she contributes 8 hours to produce those items. If hired, elsewhere he/she could have earned $10 an hour. The item sells for $10 each. Production does not stop during weekends. If the explicit costs total $10,00 . for 30 days, the accounting profit for the month equals:
a. $1,760 b. $2,240 c. $11,760 d. $5,000