your answer. A fully labeled graph is a welcome addition to any
answer (if applicable), though it is not
necessary.
A) In the short-run, average variable
cost converges to average total cost as output increases.
B) The tragedy of the commons states that individuals will
overproduce a
common
resource.
C) When evaluating social welfare, a
government must take a subjective stance on what constitutes
welfare.
D) Absent government intervention, a
perfectly competitive market maximizes total...