Asked by Milya Griffin on May 08, 2024
Verified
The optimal amount of social regulation occurs where the marginal benefit of such regulation:
A) equals the marginal cost.
B) exceeds the marginal cost by the greatest amount.
C) is zero.
D) is at its maximum.
Marginal Cost
The increase in cost that arises from an additional unit of production.
Social Regulation
Laws and regulations aimed at improving health, safety, and well-being in society, often implemented to correct market failures affecting the public interest.
Marginal Benefit
The additional satisfaction or value a consumer gains from consuming one more unit of a good or service.
- Achieve comprehension of the purposes and perceived value of regulation in social and industrial domains.
Verified Answer
Learning Objectives
- Achieve comprehension of the purposes and perceived value of regulation in social and industrial domains.
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