What is marginal benefit? Which curve is also referred to as a marginal benefit curve?
What will be an ideal response?
Marginal benefit is the additional benefit to a consumer from consuming one more unit of a good. The demand curve is also referred to as a marginal benefit curve.
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Which of the following ideas describes the concept of "utilitarianism"? I. Utilitarianism gained popularity in the 1930s. II. Utilitarians believed that a society should use only competitive markets to allocate resources. III
Utilitarians claimed that taking money from rich people and giving it to poorer people would make the economy more fair. A) III only B) II only C) I and II D) I, II and III
If you were president of the United States, what would you do to reduce the natural rate of unemployment? Propose at least three different methods
What will be an ideal response?
A firm is more likely to adopt multiple brand names for the same product when the good is a non-durable
Indicate whether the statement is true or false
Suppose that apples and bananas both cost the same, but the marginal utility of bananas is twice as high as that for apples. The consumer should purchase more bananas and fewer apples in order to maximize utility
a. True b. False Indicate whether the statement is true or false