The marginal benefit from buying a particular unit of a good
A) is the amount paid for the unit plus the consumer surplus of the unit.
B) increases as market price increases.
C) is the difference between the amount paid for the unit and the market price of the unit.
D) is the difference between the total benefit of the unit and the marginal cost of producing that unit.
E) None of the above answers is correct.
A
You might also like to view...
If a production process exhibits diminishing returns, then as output rises:
A. total revenue will eventually decrease. B. average total cost will eventually decrease. C. marginal cost will eventually increase. D. total fixed cost will eventually increase.
A nation's foreign exchange reserves consist mainly of
A) excess reserves held by its banks. B) government securities of that nation. C) the legal currency of that nation. D) currencies of other nations.
Refer to the information provided in Figure 3.10 below to answer the following question(s).
Figure 3.10Refer to Figure 3.10. A movement from Point A to Point B on supply curve S2 would be caused by a(n)
A. increase in the price of hamburgers, assuming hamburgers are a substitute for pizza. B. decrease in the demand for pizza. C. increase in the price of pizza dough. D. increase in the price of pizza.
A firm's total product curve shows
A) that inefficiency is not possible. B) how the cost of the fixed resources change when output changes. C) how the amount of output changes when the quantity of labor changes. D) that in the long run the firm must adjust the quantity of all the resources it employs.