The tables above show the marginal costs and benefits from production of paper. If the market is perfectly competitive and unregulated, at the equilibrium level of output, the marginal external cost is

The above figure shows the isoquants for producing steel. When producing more than 20,000 tons there are

A) increasing returns to scale. B) decreasing returns to scale. C) constant returns to scale. D) economies of scale.

Betty goes out to enjoy a bouffe with her friend instead of practicing calculus problems for her maths examination that is due the following day. This implies that the opportunity cost of the bouffe to Betty is zero

a. True b. False Indicate whether the statement is true or false