For allocative efficiency to hold
A) average total cost is minimized in production.
B) average variable cost is minimized in production.
C) price must equal the marginal cost of the last unit produced.
D) price must equal marginal revenue of the last unit sold.
C
Economics
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Stella's marginal utility of the last unit of X consumed is 18 and her marginal utility of the last unit of Y consumed is 12 . What prices for X and Y, respectively, are consistent with Stella being in consumer equilibrium?
a. $4 and $6 b. $12 and $18. c. $15 and $15. d. $12 and $8.
Economics
Charging different prices to different customers for the same good or service is known as
a. monopoly b. price setting c. competition d. price discrimination e. rent seeking
Economics