Which of the following is TRUE regarding marginal benefit? I) The marginal benefit curve shows the benefit firms receive by producing another unit of a good. II) Marginal benefit increases as more of a good is consumed
A) I and II
B) I only
C) II only
D) neither I nor II
D
You might also like to view...
Refer to Figure 4.1. Suppose Alvin chooses Top, while Simon chooses Down, and Theodore chooses Left. Theodore's payoff will be
A) 4. B) 6. C) 14. D) 24.
Although the pegged exchange rate between the yuan and the dollar has ________ the yuan, China had been reluctant to abandon the peg for fear that abandoning the peg would ________
A) overvalued; reduce exports B) undervalued; reduce imports C) overvalued; increase imports D) undervalued; reduce exports
Which of the following characteristics is common to monopolistic competition and perfect competition?
A) Each firm faces a downward-sloping demand curve. B) Entry barriers into the industry are low. C) Firms take market prices as given. D) Firms produce identical products.
Which of the following activities would occur in the product market?
a. Harry mows his grass. b. General Motors hires additional workers to run a third shift at the factory. c. Sam pays a speeding ticket. d. Dolly buys a ticket to the ball game. e. Jane bakes a pie for Thanksgiving dinner.