The benefit from an additional unit of a good or service that society receives from the consumption of that good or service is the
A) marginal private benefit.
B) marginal external benefit.
C) marginal social benefit.
D) opportunity cost.
Question 2
In the above figure, the curve labeled MCL is the marginal cost of labor curve and is used in a
A) competitive situation in which individual firms cannot influence the wage rate they must pay.
B) competitive situation in which skill differentials create a difference between what a firm must pay labor versus the wage at which households are willing to supply labor.
C) monopsony situation in which the firm can influence wages by how much labor it hires, so that the wage rate received by workers is less than the marginal cost of labor.
D) monopsony situation in which the firm can influence wages by how much labor it hires, so that the wage rate received by workers is greater than the marginal cost of labor.
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