If in a Market the Last Unit of Output Was

question 43

Multiple Choice

If in a market the last unit of output was sold at a price higher than marginal cost

• A)producer is better off producing more.
• B)consumers are better off if less of the product is sold.
• C)social welfare is not maximized.
• D)the unit increased total profit.

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Definitions:

Budget Line

A graphical chart illustrating every potential mix of two goods that can be acquired with a designated budget at unvarying prices.

Price Of Coffee

The market value or cost at which coffee is bought and sold, influenced by factors including production costs, demand, and supply conditions.

Income Decreased

A decrease in income refers to a reduction in the amount of money earned or received by individuals or entities over a period.

Political Science

The study of governments, public policies, political processes, political behavior, and ideas about governance and power.