The opportunity cost to the consumer of purchasing and consuming one more unit of a good is called the marginal benefit
Indicate whether the statement is true or false
FALSE
You might also like to view...
In the long run, an improvement in a nation's standard of living is reflected by a: a. zero rate of population growth. b. high rate of economic growth. c. high rate of consumption
d. high rate of labor force growth.
Which of the following statements about markets is not true?
A. Markets necessarily have a physical location. B. The two types of markets include the factor and product markets. C. Every market transaction involves an exchange of money for goods or resources or a direct exchange of goods or resources without money called barter. D. Markets have both a demand side and a supply side.
Refer to the graph showing the demand for books. The quantity demanded when price is $16.00 is:
A. 4 books. B. 8 books. C. 2 books. D. 6 books.
Select the graph below that best shows the change in the market specified in the following situation: In the market for leather coats, when leather coats become more fashionable among young consumers
Assume that the graphs show a competitive market for the product stated in the question.
A. Graph A
B. Graph B
C. Graph C
D. Graph D