Marginal benefit is equal to the ________ benefit a consumer receives from consuming one more unit of a good or service
A) additional B) unintended C) total D) surplus
A
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Unit elastic demand occurs when
a. a one-unit increase in price leads to a one-unit decrease in quantity demanded b. a 1% increase in price leads to a one-unit decrease in quantity demanded c. price elasticity of demand is positive d. price elasticity of demand is exactly zero e. price elasticity of demand is exactly -1
In a perfectly competitive market profit attracts entry
a. True b. False
There is an inverse relationship between the present value of a future amount and the interest rate used for discounting
a. True b. False
Restrictions on free international trade designed to protect domestic industries from competitive market forces that originate beyond the borders of the country are:
A) competitive policies. B) protectionist policies. C) free trade policies. D) antitrust policies.