Explain the condition where society would be better off when more of a good is produced
What will be an ideal response?
When the price of a good is greater than the marginal cost to produce that good, society will be better off if more of that good is produced.
Economics
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Suppose there was a banking crisis. The money supply would shrink by the greatest amount if the public ________ their currency—deposit ratio and the banks ________ their reserve—deposit ratio
A) decreased; decreased B) decreased; increased C) increased; decreased D) increased; increased
Economics
Which of the following could be the price elasticity of demand for a good for which an increase in price would decrease revenue?
a. 0.6 b. 0.9 c. 1 d. 2.6
Economics