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:

Prescription Decision

The process by which medical professionals determine the most appropriate medication to treat a patient’s condition.

Affective Forecasting

The process of predicting how one would feel in response to future emotional events.

Low Grade

A term often used in education and medicine indicating a performance, quality, or condition that is below average or minimum accepted standards.

High Grade

A term indicating a level of superior quality or performance, often used in educational or professional contexts to denote excellence.