The Cost-Benefit Principle predicts that a person:
A. should take an action if its cost increases.
B. is more likely to take an action if its cost increases.
C. is more likely to take an action if its benefit increases.
D. should take an action if its benefit increases.
Answer: C
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Answer the following statement(s) true (T) or false (F)
1. An indifference curve is a construct used by economists to show how tastes for an individual change. 2. There are an infinite number of choices faced by a consumer that are shown along an indifference curve. 3. Indifference curves fill the fourth quadrant of the plane. 4. If the marginal value of beef is $8 per pound, then the consumer is willing to pay at most $8 for an additional pound of beef. 5. The marginal value of a good is the dollar value that the consumer receives, on average, from each unit of the good purchased.
A decrease in labor costs will cause aggregate ________.
A. demand to decrease B. supply to decrease C. supply to increase D. demand to increase
The point of diminishing returns means that output will decrease at an increasing rate
Indicate whether the statement is true or false
If you are stop pay a mortgage is called Default
What will be an ideal response?