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Author Question: If the quantity of corn is such that the marginal cost of corn is greater than the marginal benefit ... (Read 79 times)

audie

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on: Jun 29, 2018
If the quantity of corn is such that the marginal cost of corn is greater than the marginal benefit of corn, then I. there is a deadweight loss. II. more than the efficient quantity of corn is produced.
 
  A) Only I is correct.
  B) Only II is correct.
  C) Both I and II are correct.
  D) Neither I nor II is correct.

Question 2

The table above gives the total revenue and total cost for a perfectly competitive firm producing chocolate chip cookies. If the firm increases its output from 2 pounds of cookies to 3 pounds, the marginal revenue is ________ per pound of cookies.
 
  A) 11
  B) 15
  C) 30
  D) 45


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b614102004

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

B


audie

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

bblaney

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Reply 3 on: Yesterday
Excellent

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