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1) Using the concepts of marginal social benefit and marginal social cost, explain how the optimal combination of goods can be determined in an economy that produces only two goods

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1) Using the concepts of marginal social benefit and marginal social cost, explain how the optimal combination of goods can be determined in an economy that produces only two goods.

2. A market with only one seller of a product that has no good substitutes is called

A. a pure monopoly.

B. a pure command economy.

C. purely competitive.

D. imperfectly competitive.

E. an oligopoly.

3 List and explain the factors we typically hold constant when drawing a demand