Question 12Which pricing rule generates the greatest welfare forsociety?Amarginal costBfixed...

Question 12

Which pricing rule generates the greatest welfare for society?

A	marginal cost

B	fixed cost

C	variable cost

D	average cost

E	total cost

Question 13

A firm’s willingness to supply its product in the long run is represented on a graph by the

A	marginal revenue (MR) curve.

B	part of the marginal cost (MC) curve above minimum average variable cost (AVC).

C	market supply curve.

D	part of the marginal cost (MC) curve above minimum average total cost (ATC).

E	entire marginal cost (MC) curve.

Solutions

Expert Solution

Solution -

Question 12

Option A . Marginal cost is Correct Option

Reason -

Marginal price In addition to the price of retail and price in economics, the cost of production has to be paid to the extra unit of output unit.so that is greatest welfare to the society so given option A is Correct Option

Question 13

Option D. entire marginal cost (MC) curve. is Correct Option

Reason -

Marginal cost curve is also known as a supply curve in the long run market is denated by MC so Entire Marginal Cost is Correct Option

Rahul Sunny answered 2 years ago

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