Resource use is efficient when production is such that marginal social benefit is
A) greater than marginal social cost.
B) equal to marginal social cost.
C) less than marginal social cost.
D) at its maximum value.
B
Economics
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The labor theory of value
A) is what economists believe determines prices today. B) says that wages must always be greater than prices. C) says that the price of a good is determined by the amount of labor required to produce it. D) All of the above.
Economics
In the aggregate expenditures model, equilibrium occurs if:
a. consumption equals investment b. inventory equals investment. c. aggregate expenditures equal consumption. d. aggregate expenditures equal disposable income.
Economics