If there is a market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production and consumer surplus plus producer surplus is maximized, then
A) maximum deadweight loss occurs. B) profits are maximized.
C) costs are minimized. D) economic efficiency is achieved.
D
Economics
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If marginal cost exceeds average variable cost, then ________ cost is ________ as output increases
A) average total; at a maximum B) average total; falling C) average variable; rising D) average fixed; at a maximum
Economics
In 1910, the largest U.S. industry as ranked by value added was
a. machinery. b. cotton goods. c. tobacco manufactures. d. railroad cars.
Economics