According to marginal analysis, you should choose to do something if the extra benefit:
A. is positive.
B. outweighs the extra cost.
C. exceeds the benefits of the previous time spent on the activity.
D. will change the outcome.
Answer: B
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The effort used to coordinate the factors of production is a description of
A) entrepreneurshi
An economic profit for a self-employed entrepreneur is
A) an opportunity cost. B) the same as the normal profit. C) a profit over and above opportunity cost. D) None of the above answers is correct.
Holding other things constant, decreases in the price level in the US will
a. Cause the dollar to appreciate b. Cause the dollar to depreciate c. Does not affect the dollar value d. None of the above
When the average cost per unit falls as the number of units produced? rises, it is known as which of the? following?