The marginal benefit of each additional unit of a good consumed
A) increases as more is consumed.
B) is always equal to its marginal cost.
C) decreases as more is consumed.
D) will maximize consumer surplus.
E) is equal to the deadweight loss if the unit of the good is not produced.
C
You might also like to view...
________ policy changes are made through the legislative process, while ________ policy changes are made by the Federal Open Market Committee.
A. monetary; fiscal B. monetary; international C. fiscal; monetary D. fiscal; international
How has economist Robert Fogel explained that economic growth is connected to life expectancy? Based on this connection, in what country would you expect to have a longer life expectancy, the United States or India? Explain
What will be an ideal response?
The practice by a monopolist of charging each buyer the highest price he/she is willing to pay is called
A) first-degree discrimination. B) second-degree discrimination. C) third-degree discrimination. D) fourth-degree discrimination.
A sudden rise in the market demand in a competitive industry leads to
a. A short run market equilibrium price higher than the original equilibrium b. A market equilibrium higher than the short run price c. Some firms exiting the market d. All of the above