underallocation of resources in an industry means that for the last unit produced,
A) economic profit is still rising.
B) society places a higher value on the resources required to produce the last unit than the value society places on consuming the last unit.
C) the demand price for the last unit exceeds the marginal cost of producing the last unit.
D) the cost of producing the last unit exceeds its value to society.
E) long-run average cost is falling.
Correct Answer:
Verified
Q1: The Golden Gate bridge is not a
Q3: Price is $50 and quantity demanded is
Q4: "Market power"
A)is the ability to lower costs
Q5: social surplus is maximized in competitive equilibrium
A)marginal
Q7: Private provision of public goods fails to
Q8: The cost and demand conditions for residential
Q12: less information consumers have about product quality,
A)the
Q13: Which of the following is NOT a
Q13: overallocation of resources in an industry means
Q19: When there is negative externality in production,
A)marginal
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents