In a market with perfect product competition, the MRP declines because
a. the price of output falls as output increases.
b. the MP declines with each worker hired.
c. both output price and the MP decline as output increases.
d. the marginal revenue of each additional unit of output declines.
b. the MP declines with each worker hired.
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Which of the following situations describing a resource allocation method most resembles the market price method?
A) Food from the Weld County Food Bank is distributed to families in need. B) Lattes are sold at Starbucks. C) Jose works at Intel. His manager tells him what work needs to be completed each month. D) Matt's mother had the rule that whoever cuts the cake chooses their slice last. E) Seventy percent of Austin's chess club wanted to purchase new chess sets and thirty percent did not. The club purchased the sets.
Vaccinating people against a communicable disease such as influenza not only reduces the chances that the person vaccinated will catch the disease but also reduces the probability that an epidemic of the disease will occur
Which of the following statements is true? A) Reducing the chances that the person vaccinated will catch the disease is a private benefit while reducing the probability of an influenza epidemic is a social benefit. B) Vaccinating people against communicable diseases yields private benefits in excess of social benefits. C) Reducing the chances that the person vaccinated will catch the disease is a private cost while reducing the probability of an influenza epidemic is a social benefit. D) The benefits of the influenza vaccination outweigh the costs.