If a Firm Is Willing to Supply the 1,000th Unit

question 16

Multiple Choice

If a firm is willing to supply the 1,000th unit of a good at a price of $23 or more,we know that $23 is the

• A) highest price the seller hopes to realize for this output.
• B) minimum price the seller must receive to produce this unit.
• C) average price of all the prices the seller could charge.
• D) price that sets the marginal benefit equal to the price.
• E) only price for which the seller is willing to sell this unit of the good.

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Definitions:

Marx

Karl Marx, a 19th-century philosopher and economist known for his theories about capitalism, class struggle, and the development of socialist and communist societies.

Overpopulation

A condition where an organism's numbers exceed the carrying capacity of its habitat, often leading to environmental deterioration and a decline in living conditions.

Demographers

Specialists who study population dynamics, including birth rates, mortality rates, and migration trends.