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●When is output less than the efficient level? ●When resources are used to produce the goods and services with greatest value, there is ●According to the graph, when 15,000 cups of tea are produced per month, which of the following is true?
○○The level of output is efficient ●According to the graph, when 16,000 cups of tea are produced per month, the marginal benefit of the 16,000th cup of tea is __________, the marginal cost of the 16,000 cup of tea is __________, and output is __________. ■■●According to the graph, what can be said about the participation of Abe in the market? ○
○Abe receives the greatest amount of producer surplus ●According to the graph, in order to achieve efficiency output should be reduced when the quantity of cups produced equals: ○○16,000 because it needs to be reduced to achieve efficiency ●According to this graph, who earns the least amount of consumer surplus in this market? ○○○Fivola - her consumer surplus is zero since she is paying exactly what she is willing to pay to have her yard mowed ●The difference between the lowest price a producer would be willing to accept for a good or service and the price the producer actually receives is known as: ●Chapter 5 quiz: 1.)Which of the following statements is correct?
3.)The fact that there is very limited amount of land in Hong Kong means the supply of new apartments in Hong Kong is