The marginal social cost of producing the last unit of a good is 1.10 while the consumers' willingness to pay for the last unit is 0.80. The deadweight loss from the production of the last unit of the good in equilibrium is ________.
A) 1.10
B) 1.90
C) 0.50
D) 0.30
Question 2
Which of the following statements is true?
A) Firms are the demanders in the market for labor as well as the market for consumer goods.
B) Firms are the suppliers in the market for labor as well as the market for consumer goods.
C) Firms are the demanders in the market for labor, whereas they are the suppliers in the market for consumer goods.
D) Firms are the suppliers in the market for labor, whereas they are the demanders in the market for consumer goods.
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