A public good will:
a. be efficiently provided by the free market as long as its total benefits exceed its total costs.
b. be efficiently provided by the free market as long as its marginal benefits exceed its marginal costs.
c. be provided in less than efficient quantities by the free market.
d. be provided in efficient quantities by voluntary contributions.
e. not be provided by the government.
c
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The figure above shows the market for low-skilled labor in Midland city. The government sets a minimum wage at $6 per hour
With the minimum wage law enacted, at the quantity of labor employed, the value to the firm of last worker hired is ________ the wage rate for which that person is willing to work. A) the same as B) $3 per hour less than C) $3 per hour greater than D) $1 per hour greater
An increase in the price of poultry would lead to
A. a decrease in quantity demanded of fish and an increase in the demand for poultry. B. a decrease in quantity demanded of poultry and an increase in the demand for fish. C. an increase in quantity demanded of fish and a decrease in the demand for poultry. D. an increase in quantity demanded of poultry and a decrease in the demand for fish.