Homework Answers
Ans - When their marginal benefit is zero.
Explanation:
As common resources are free resources so the marginal cost is zero and individual will stop using the common resources when marginal benefit is equal to marginal cost means when marginal benefit will also equal to zero.
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QUESTION 53 At what point will an individual stop using a common resource? When their marginal...
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When there is negative externality in production, a. marginal social benefit exceeds marginal private benefit. b. marginal private benefit exceeds marginal social benefit. c. marginal social cost exceeds marginal private cost. d. marginal private cost exceeds marginal social cost.
The accopmanying graph depicts the marginal social cost (MSC) and marginal social benefit (MSB) of pollution...
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SEU Micro Spring 2019 60811 Quiz: ASSESS Chapter 2 Quiz This Question: 1 pt An economy produces protein shakes. If more than the efficient quantity of protein shakes is produced A, marginal benefit exceeds marginal cost O B. marginal cost equals marginal benefit O C. marginal cost exceeds marginal benefit OD. it is not possible to be producing at a point on the PPP Click to select your answer ve for Later
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Question 58 (1 point) When one person uses a common resource, such as fish in the ocean, what would be the most likely outcome? Other people are not likely to be worse off Other people are likely to be compensated for their loss. He or she neglects to account for external effects. There will still be enough left since one person cannot make a major impact. Question 59 (1 point) A binding price ceiling is imposed on the market for...
Quanto Quantity Question 3 of 5 At point D, the O A. Marginal benefit of buying...
Quanto Quantity Question 3 of 5 At point D, the O A. Marginal benefit of buying more X is greater than the marginal cost. OB. Marginal benefit of buying more X is less than the marginal cost. OC. Consumer is making their optimal consumption choice, given income constraints OD. Consumer is not using up all their income Reset Selection
1. Individual A and B have the following marginal benefits for private good X: MBA =...
1. Individual A and B have the following marginal benefits for private good X: MBA = 10 - XA MBg = 10 - XB While the cost of producing each unit is 2 dollarsyi.e., MC = 2). You are asked to: a. On a graph, find the market demand function for private good X (hint: make sure to label the angles, elbows, and corners as needed). b. Find the market equilibrium. e. Find consumer A quantity demanded, and consumer B...
Q4 (1 point). The figure below shows the marginal social benefit, marginal private cost and marginal...
Q4 (1 point). The figure below shows the marginal social benefit, marginal private cost and marginal social cost of producing steel. If the market is competitive and unregulated, how much steel will be produced? oo tons O 2 tons О 4 tons O 8 tons 250 MSC 6200 S = MC Price and cost (dollars per ton of steel) 150 100 50 o 2 D- MSB 6 8 10 Quantity (tons of steel per week) Activate Windows Go to Settings...
The accopmanying graph depicts the marginal social cost (MSC) and marginal social benefit (MSB) of pollution emissions. 1,000 900 Move the point, P, to the point representing the optimal level of pollution. MSC 800 What is the optimal quantity of pollution? 700 Dollars metric tons 400 300 The optimal quantity of pollution is not zero because: 200 MSB O 0 1 2 3 4 5 6 Metric tons of pollution 7 8 9 10 O the marginal social cost of...
above figure, when the firm produces output corresponding to point c the firm's marginal co A) equals its marginal revenue B) exceeds its marginal revenue C) equals its average revenue. D) is less than its marginal revenue. E) more information would be needed to answer the question 25) At a firm's break-even point, its A) marginal revenue exceeds its marginal cost. 13) marginal revenue equals its average variable cost. C) total revenue equals its total opportunity cost. D) also its...
SEU Micro Spring 2019 60811 Quiz: ASSESS Chapter 2 Quiz This Question: 1 pt An economy produces protein shakes. If more than the efficient quantity of protein shakes is produced A, marginal benefit exceeds marginal cost O B. marginal cost equals marginal benefit O C. marginal cost exceeds marginal benefit OD. it is not possible to be producing at a point on the PPP Click to select your answer ve for Later
QUESTION 22 Economic Efficiency can be attained when a. marginal cost is zero b.marginal benefit equals marginal cost c. marginal benefit is greater than marginal cost d. marginal benefit is less than marginal cost QUESTION 23 Efficient markets are considered rationing devices because a. consumers value the good or service the most will be the one who get it b. of government decree c. the equality of the market allows for all to benefit d. suppliers can produce the good...
Question 58 (1 point) When one person uses a common resource, such as fish in the ocean, what would be the most likely outcome? Other people are not likely to be worse off Other people are likely to be compensated for their loss. He or she neglects to account for external effects. There will still be enough left since one person cannot make a major impact. Question 59 (1 point) A binding price ceiling is imposed on the market for...
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