If at the current output of X the P X> MC X, then society gains ...

[B]

Question 1

Under perfect competition, the person that ends up with the marginal unit is the person that values it

◦ at an amount above its price.
◦ at an amount lower than its price.
◦ exactly at its price.
◦ above its marginal cost.

Question 2

If at the current output of X the 
P
_X > 
MC
_X, then society gains by

◦ producing more 
X.
◦ producing less 
X.
◦ raising the price of 
X.
◦ increasing the cost of producing 
X.

[debra928]

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[B]

Thanks for the timely response, appreciate it

[parker125]

Excellent