If 10 units of a good are sold at a market price of $40 each, then
a. the value to some individual of the tenth unit of output is $40
b. the economy is efficient
c. selling an 11th unit would be a Pareto improvement
d. a side payment of $40 is needed to ensure that the good is produced
e. the market must be perfectly competitive
A
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Which one of the following statements is true?
a. A static reserve index will indicate a longer resource lifetime than an exponential reserve index b. A reserve base index indicates a longer resource lifetime than a reserve index c. Most non-renewable resource prices have increased over the past 40 years d. Eventually all physical reserves of non-renewable resources will be depleted e. The price path for a non-renewable resource typically looks like an inverted U shape
Which was not one of the main U.S. land acquisitions?
a. Mexican Cession b. Western Purchase c. Gadsden Purchase d. The Oregon Country