Use the following graph to answer the question below.
The price where marginal benefit equals marginal cost is
A. $1.60.
B. $1.00.
C. $2.90.
D. $0.50.
Answer: B
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What is the largest source of tax revenue for the U.S. federal government and what is the largest expenditure item of the U.S. federal government?
What will be an ideal response?
A monopolistically competitive firm is producing an output level at which marginal revenue is greater than marginal cost. This firm should __________ quantity and __________ price to increase profit or reduce losses
a. increase, increase b. increase; decrease c. decrease; increase d. decrease; decrease e. increase; not change
If the credits for a principles of economics section is three units and an instructor teaches two sections with 100 students in each and tuition and fees at your university are $100 per unit. If the instructor is paid $ 20,000 to teach both classes, should the university hire the instructor?
A. Yes, the MRP of the instructor is higher than the wage. B. Yes, the wage is higher than the instructor's MRP. C. Yes, the MRP of the instructor is lower than the wage. D. No, the wage is higher than the instructor's MRP.
A rational person will NEVER consume a product when its
A) marginal utility is negative. B) total utility is increasing at a decreasing rate. C) marginal utility is decreasing. D) total utility is decreasing at an increasing rate.