The benefit to some consumer of the last unit of a good consumed is
a. represented by the height of the supply curve at that quantity
b. negative if the producer is suffering economic loss
c. decreases at an increasing rate in a competitive product market
d. is zero
e. represented by the height of the demand curve at that quantity
E
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Refer to Figure 17-6. If firms and workers have adaptive expectations, an expansionary monetary policy will cause the short-run equilibrium to move from
A) point B to point C. B) point A to point C. C) point B to point A. D) point A to point B. E) point C to point B.
If productivity growth accelerates, but workers do not realize it ________
A) they will expect large wage hikes B) they will not expect large wage hikes C) the natural rate of unemployment will rise D) the number of discouraged workers will rise
Welfare payments _____
a. often increase the marginal cost of being employed b. often decrease the marginal cost of being employed c. have led to a tremendous decline in poverty since 1968 d. have no relationship to the marginal cost of being employed
Which of the following is usually true about government-provided goods?
a. These goods have a zero opportunity cost. b. These goods are not scarce. c. People do not have to pay a fee to enjoy these goods. d. The invisible hand is at work to ensure these goods are provided in the market