If the Marginal Cost of Producing Steel Exceeds the Marginal

question 146

Multiple Choice

If the marginal cost of producing steel exceeds the marginal utility of using steel, then for economic efficiency,

• A)the price of steel should fall.
• B)society should produce less steel.
• C)the price of goods made with steel should fall.
• D)society should direct resources toward steel production and away from the production of other goods.

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Definitions:

Intonation

The rise and fall of voice pitch across phrases and sentences in speech, affecting the meaning, emotion, and emphasis of the spoken words.

Syntax

The set of rules, principles, and processes that govern the structure of sentences in a given language, specifically the order and arrangement of words.

Morphemes

The smallest grammatical units in a language that convey meaning.

Phonemes

The most minimal sound units in a language capable of distinguishing words from each other.