In the 1950s, When Production Continued to Expand More Quickly

question 77

True/False

In the 1950s, when production continued to expand more quickly than the growth in demand for goods and services, companies realized that they needed to produce products and then try to convince customers to buy them.

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Definitions:

Grocery Store

A retail store that sells food and other household goods.

Marginal Social Benefit

The additional benefit to society as a whole from one more unit of a good or service being consumed.

Marginal Private Benefit

The additional benefit or satisfaction received by a consumer or producer from consuming or producing one more unit of a good or service.

Marginal Social Cost

The total cost to society of producing an additional unit of a good or service, including both private costs and any externalities.