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Which statement is INCORRECT? When external benefits exist in a market, social surplus is maximized when social benefits equal the marginal costs of production
Which statement is INCORRECT? When external benefits exist in a market, social surplus is maximized when social benefits equal the marginal costs of production. O When external costs exist in a market, Omarket > Qefficient Through taxation, government action can result in market = Qefficient- O When external benefits exist in a market, market
Expert Solution
31. (e) all of the statements are correct
33. (c) D
The marginal revenue is the revenue earned by selling one additional unit. That additional revenue of selling 3rd unit in the demand curve is D.
34. (b) difference in working conditions
A compensating differential arise to compensate the worker for the non wage characteristics of the job like working conditions, or how pleasant or unpleasant job is. If job's working conditions are not good, high wages has be to given.
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