Assume That Society Places a Higher Value on the Last

question 102

Multiple Choice

Assume that society places a higher value on the last unit of X produced than the value of the resources used to produce that unit. With no spillovers, this information means that

• A) total cost is greater than total revenue.
• B) price is greater than marginal cost.
• C) marginal cost is greater than price.
• D) resources are being overallocated to X.

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