Diamonds are sold by a monopoly firm that maximizes profits.It then follows that:
A) the marginal social benefit of diamonds exceeds its marginal social cost.
B) the marginal social cost of diamonds exceeds its marginal social benefit.
C) the price of diamonds equals its marginal social cost.
D) the price of diamonds exceeds its marginal social benefit.
Correct Answer:
Verified
Q22: If efficiency has been attained,
A)it will be
Q23: Points on a utility possibility curve represent:
A)a
Q24: Pareto efficiency between two consumers is achieved:
A)only
Q25: If the marginal social benefit of a
Q26: If the efficient output of a good
Q28: If a government desires to increase production
Q29: Eggs are sold in a perfectly competitive
Q30: The extra benefit on one more unit
Q31: Suppose the efficient output currently prevails in
Q32: Normative economics is:
A)completely free of any value
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