Within the framework of economics, optimization means providing a good or service until
a. total benefits are maximized.
b. total benefits and total costs are equal.
c. marginal benefits exceed marginal costs by the greatest amount possible.
d. marginal benefits and marginal costs are equal.
e. as long as total benefits are greater than total costs, any amount may be optimal under the right circumstances.
Question 2
A monopsonist that faces a labor supply curve of the form l = 4w and has a constant marginal revenue product of 50 per unit of l, will opt for the following, w, l combination:
a. w = 10 l = 40.
b. w = 25 l = 100.
c. w = 50 l = 200.
d. w = 100 l = 400.
The economics of conservation.
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