The maximum amount of other goods and services that people are willing to give up in order to get one more unit of a good is defined as the good's
A) marginal benefit.
B) total benefit.
C) marginal cost.
D) total cost.
E) price.
A
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The relevant market for a firm consists only of firms operating within the same industry
Indicate whether the statement is true or false
A central government collected taxes totaling $120 billion in the previous year. It's expenditure during the year was roughly the same. This is an example of a
a. balanced budget. b. surplus budget. c. deficit budget. d. zero budget.
Which of the following most accurately states the function of middlemen?
a. Middlemen reduce transaction costs. b. Middlemen add to the expense of buyers and sellers without providing any benefit. c. Our economy would work just as well without middlemen since they do not expand the availability of physical goods. d. Middlemen reduce the number of transactions since they increase the buyer's price and reduce the seller's net receipts.
Refer to the graph below. Assume the consumer has an income of $100, the price of X is $2 and the price of Y is $1. According to the graph, the income effect of a decrease in the price of X from $2 to $1 is equal to: 
A. 20 B. 5 C. 25 D. 30