The marginal social benefit is the sum of the benefit enjoyed by the consumer of an additional unit of a good or service plus the marginal benefit enjoyed by others
Indicate whether the statement is true or false
TRUE
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The slope of an isoquant measures
A) the ratio of the marginal utility of the two inputs. B) the price ratio of the two inputs. C) the rate at which inputs can be substituted for each other keeping total output constant. D) the average product of labor.
Which of the following government programs provides recipients with in-kind benefits?
a. Temporary Assistance to Needy Families (TANF). b. Social Security. c. The food stamp program (SNAP). d. Unemployment compensation.
This year Terrance earned $3,000 more than last year. As a result, he received $2,500 less in government transfers. Therefore, Terrance's implicit marginal tax rate is about
a. 16 percent b. 25 percent c. 66 percent d. 83 percent
Refer to the information provided in Figure 15.6 below to answer the question(s) that follow.
Figure 15.6Refer to Figure 15.6. If Trollio?s T-shirts is producing the quantity where MR = MC and selling each T-shirt at the price where D = ATC, then in the long run this firm should ________ the selling price and ________ quantity.
A. increase; increase B. decrease; increase C. increase; decrease D. not change; not change