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:

Instrumentality

The belief that a certain amount of effort will lead to the desired performance and outcome.

Employee Theft

The act of stealing or misappropriating assets or resources from an employer by an employee.

Equity Theory

A theory in psychology that explains how individuals gauge the fairness of their work outcomes in relation to the work outcomes of others.

Motivational Punch

A powerful stimulus or influence that inspires or propels someone into action or enhances their enthusiasm to pursue a goal.