Table 10-4 -Refer to Table 10-4. The last unit of output for which private value exceeds social cost is the A)2^nd unit. B)3^rd unit. C)4^th unit. D)5^th unit.

Question

Quizplus · Accepted Answer

The last unit of output for which private value exceeds social cost is the unit where the private value is still greater than the social cost, but the next unit would have a private value less than or equal to the social cost. This is typically the unit before the point where private value equals social cost.

Table 10-4 -Refer to Table 10-4. the Last Unit of Output for of Output