Author Question: In the above figure, if output were restricted to 300 million pounds of turkey, then A) the ... (Read 80 times)

aabwk4 · **on:** Jun 29, 2018

In the above figure, if output were restricted to 300 million pounds of turkey, then

A) the marginal social benefit would exceed the marginal social cost on the last pound of turkey traded by 0.80.
B) there would be a deadweight loss of 40 million.
C) there would be inefficient underproduction of turkey.
D) All of the above answers are correct.

Question 2

The above table shows the short-run total product schedule for the campus book store. What is the average product (AP) of the 4th employee?

A) 58 books sold
B) 14.5 books sold
C) 18 books sold
D) 13.3 books sold