If the market mechanism is efficient, the marginal cost accurately measures the opportunity cost of a good or service

To maximize joint profits, a cartel must determine the level of output at which:

A) joint marginal revenue equals the marginal cost of the largest member of the cartel. B) marginal revenue equals joint marginal cost. C) the horizontally sum of the members marginal cost curves is at a minimum. D) joint marginal revenue equals the marginal cost of the smallest member of the cartel.

Budget maximization results in a budget equal to that desired by the median voter

a. True b. False