Use the Following to Answer Question(s): Markets and Efficiency

question 18

Multiple Choice

Use the following to answer question(s) : Markets and Efficiency

-(Exhibit: Markets and Efficiency) A producer will produce additional apples:

• A) as long as marginal benefit is less than marginal cost.
• B) as long as marginal benefit exceeds marginal cost.
• C) if marginal cost is decreasing and price is the same.
• D) if price does not cover costs.

---

Definitions:

Supremacy of Parliament

A doctrine in constitutional law that holds the legislative body as the supreme form of authority within the state, with its acts not subject to judicial review or challenge.

Committees of Correspondence

Groups formed in the American colonies to maintain communication with one another as they resisted British policy in the run-up to the American Revolution.

Communications Network

A system of interconnected devices and facilities that enable the transmission of data and messages across long distances.

Local Laws

Regulations and ordinances that are enacted and enforced by local government entities such as cities or counties.