12. According to the optimal output rule, if marginal benefit: A. exceeds margin

Question

12. According to the optimal output rule, if marginal benefit: A. exceeds marginal cost, net benefit is maximized. B. exceeds marginal cost, production should be increased. C. is less than marginal cost, production should be increased. D. is equal to marginal cost, production should be increased. 15. Which of the following will not shift the labor supply curve? A. changes in wealth B. changes in opportunities C. a change in preferences and social norms D. a change in the wage rate 21. If the minimum wage is a binding price floor, then: A. the number of workers who want to work will be greater than the number of jobs available. B. there will be a job for everyone who is willing to work. C. the equilibrium wage will increase. D. business owners will hire more workers.

Explanation / Answer

12 B 15 A 21 D

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