The median voter must have preferences that reflect those of all people in the community.

When there is no other way of producing a given level of output with a smaller total value of inputs, the firm is operating at:

a) maximum profit. b) an irrelevant output. c) maximum output. d) minimum cost. e) optimal output.

Refer to Figure 7-2. At the market equilibrium

A) the marginal cost is less than the marginal benefit. B) the marginal cost is greater than the marginal benefit. C) the marginal cost is equal to the marginal benefit. D) the marginal cost is zero.