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16 May, 16:16

If a market produces a level of output that exceeds the competitive equilibrium output, then

a) producer surplus will be higher. b) social welfare will be higher. c) marginal cost will exceed price. d) All of the above.

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  1. 16 May, 16:39
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    c) marginal cost will exceed price.

    Explanation:

    Marginal cost, the cost per additional unit sold, is calculated by dividing the change in total cost by the change in quantity. The formula for marginal cost is: Ordinarily, marginal cost changes as the firm produces a greater quantity
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