Microeconomics
21st Edition
ISBN: 9781259915727
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Question
Chapter 1, Problem 9DQ
To determine
The shape of the marginal cost, marginal benefit and the optimum output point.
Expert Solution & Answer
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Check out a sample textbook solutionStudents have asked these similar questions
Assume that a firm's allocatively efficient output is 1 million units. Which of the following is true of the firm?
Select one:
O A. Marginal cost exceeds marginal benefit for any output lesser than 1 million.
O B. Marginal cost equals marginal benefit for any output greater than 1 million.
O C. Marginal benefit exceeds marginal cost for any output lesser than 1 million.
O D. Marginal benefit exceeds marginal cost for any output greater than 1 million.
Assume that a firm's allocatively efficient output is 1 million
units. Which of the following is true of the firm?
Select one:
O A. Marginal cost equals marginal benefit for any output
greater than 1 million.
O B. Marginal benefit exceeds marginal cost for any
output lesser than 1 million.
O C. Marginal benefit exceeds marginal cost for any
output greater than 1 million.
O D. Marginal cost exceeds marginal benefit for any
output lesser than 1 million.
Clear my choice
Refer to the above diagram for athletic shoes.
Marginal
Cost
Marginal
Benefit
Quantity of shoes
If the current output of shoes is Q3, then:
society would consider additional units of shoes to be less valuable than
O 1)
alternative products.
2) resources are being allocated efficiently to the production of shoes.
society would consider additional units of shoes to be more valuable than
O 3)
alternative products.
4) society would experience a net gain by producing more shoes.
Marginal benefit
and marginal cost
(dollars)
Chapter 1 Solutions
Microeconomics
Ch. 1.2 - Prob. 1QQCh. 1.2 - Prob. 2QQCh. 1.2 - Prob. 3QQCh. 1.2 - Prob. 4QQCh. 1.A - Prob. 1ADQCh. 1.A - Prob. 2ADQCh. 1.A - Prob. 3ADQCh. 1.A - Prob. 1ARQCh. 1.A - Prob. 2ARQCh. 1.A - Prob. 1AP
Ch. 1.A - Prob. 2APCh. 1.A - Prob. 3APCh. 1.A - Prob. 4APCh. 1.A - Prob. 5APCh. 1.A - Prob. 6APCh. 1.A - Prob. 7APCh. 1.A - Prob. 8APCh. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Prob. 4DQCh. 1 - Prob. 5DQCh. 1 - Prob. 6DQCh. 1 - Prob. 7DQCh. 1 - Prob. 8DQCh. 1 - Prob. 9DQCh. 1 - Prob. 10DQCh. 1 - Prob. 11DQCh. 1 - Prob. 1RQCh. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 1PCh. 1 - Prob. 2PCh. 1 - Prob. 3PCh. 1 - Prob. 4PCh. 1 - Prob. 5PCh. 1 - Prob. 6PCh. 1 - Prob. 7PCh. 1 - Prob. 8P
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