A fair price gets its name because it is the price at which
A) society values the marginal product in proportion to the cost of the resources used in production
B) the marginal benefit of the last unit consumed is equal to the marginal value of the resources used to produce it
C) the monopolist would make normal profit in a competitive market
D) resources are distributed equitably
E) normal profit would be made in any other market

Question

Quizplus · Accepted Answer

The Answer of A fair price gets its name because it is the price at which
A) society values the marginal product in proportion to the cost of the resources used in production
B) the marginal benefit of the last unit consumed is equal to the marginal value of the resources used to produce it
C) the monopolist would make normal profit in a competitive market
D) resources are distributed equitably
E) normal profit would be made in any other market

A Fair Price Gets Its Name Because It Is the Price