Marginal benefit
A) increases as more of a good is consumed.
B) decreases as more of a good is consumed.
C) is the total benefit from all units consumed.
D) is constant as more of a good is consumed.
E) is the gain to the producer of producing and selling one more unit of a good.
B
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A seller has some information about a good that the buyer does not have. When would the seller be most likely to provide the buyer with the currently "hidden" information?
A. When the seller thinks that providing the information will decrease the supply of the good. B. When the seller thinks that providing the information will increase the supply of the good. C. When the seller thinks that providing the information will decrease the demand for the good. D. When the seller thinks that providing the information will increase the demand for the good. E. There is not enough information to answer the question.
Being on the PPF implies that increasing the production of one good or service can only be accomplished by decreasing the quantity produced of another good or service
a. True b. False Indicate whether the statement is true or false
In a market for used cars, if the minimum supply price for plums is lower than consumers' willingness to pay for a lemon, only plums will be supplied at the consumers' willingness to pay for a lemon.
Answer the following statement true (T) or false (F)
Which of the following contributes to a firm maintaining a monopoly?
A. Homogeneous products in the market. B. A large number of firms in the industry. C. The existence of substitute goods. D. Exclusive franchises.