In the above figure, 300,000 purses per month is
A) the efficient amount to produce because at 300,000 purses marginal social benefit equals marginal social cost.
B) the efficient amount to produce because at 300,000 purses marginal social benefit is greater than marginal social cost.
C) an inefficient amount to produce because at 300,000 purses marginal social benefit equals marginal social cost.
D) an inefficient amount to produce because producing 500,000 purses sets the marginal social benefit equal to zero.
Question 2
In the above table, if the price of labor is 10 per hour and the price of capital is 20 per unit, which method of producing 50 space crafts is economically efficient?
A) Technique W
B) Technique X
C) Technique Y
D) Technique Z
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Many countries do not produce enough food and need to import food from the United States