A profit-maximizing firm will hire an additional unit of a resource as long as the
a. marginal product of the resource is greater than the marginal resource cost
b. marginal product of the resource is less than the marginal resource cost
c. marginal revenue product of the resource is greater than the marginal resource cost
d. marginal revenue product of the resource is less than the marginal resource cost
e. price of the resource is less than the marginal resource cost
Question 2
If education creates positive externalities,
a. private markets provide less than the socially optimal quantity of education
b. private markets provide more than the socially optimal quantity of education
c. the marginal private benefit curve is higher than the marginal social benefit curve
d. the marginal private cost curve is higher than the marginal social cost curve
e. the government should impose a depletion tax
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Grade 1 math Additional with 100