If the Marginal Utility of a Product Exceeds Its MC

question 186

Multiple Choice

If the marginal utility of a product exceeds its MC, we would want, on efficiency grounds, to

• A)increase production.
• B)decrease production.
• C)leave production constant.
• D)One cannot tell without knowing the price.

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Chancellor

A senior official in many educational institutions or a high-ranking government official in certain countries.

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The party in a legal dispute who won at the previous trial level and is responding to the appeal filed by the losing party.