If the quantity of corn is such that the marginal cost of corn is ...

[audie]

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

[b614102004]

Answer to Question 1

C

Answer to Question 2

B

[audie]

Thanks for the timely response, appreciate it

[Liddy]

Wow, this really help