One economically efficient way to eliminate the tragedy of the commons is to prevent anyone from using the resource. ( )
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When the marginal product of labor falls, the marginal cost of output rises. ( )
Economists assume that the goal of the firm is to maximize total revenue. ( )
A profit maximizing competitive firm should produce at the point where marginal cost is lowest. ( )
A competitive firm’s short-run supply curve is its marginal cost curve above its average variable cost curve. ( )