Antarctica produces only party ice and frozen fish. The table shows the marginal benefit and marginal cost schedules for frozen fish. If Antarctica produces 37 frozen fish, the marginal benefit from frozen fish frozen fish. To achieve allocative efficiency, Antarctica must O A. is less than; decrease OB. exceeds; decrease OC. is less than; increase O D. exceeds; increase the marginal cost of the quantity of frozen fish produced. Frozen fish (per month) 33 55 34 35 36 37 38 Marginal Marginal benefit cost (packs of ice per pack of fish) 53 99 0 4 3 2 20 35

Antarctica produces only party ice and frozen fish. The table shows the marginal benefit and marginal cost schedules for frozen fish. If Antarctica produces 37 frozen fish, the marginal benefit from frozen fish frozen fish. To achieve allocative efficiency, Antarctica must O A. is less than; decrease OB. exceeds; decrease OC. is less than; increase O D. exceeds; increase the marginal cost of the quantity of frozen fish produced. Frozen fish (per month) 33 55 34 35 36 37 38 Marginal Marginal benefit cost (packs of ice per pack of fish) 53 99 0 4 3 2 20 35

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1 Optimizing Production Efficiency: A Study on Production Possibility Frontier