The additional benefit of increasing some activity by one-unit is called the
A) scarcity.
B) total benefit.
C) opportunity cost.
D) marginal benefit.
E) unit cost/benefit.
D
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Adam Smith's Wealth of Nations, written in 1776, describes the market's invisible hand representing the
A) King of England's control over the colonies. B) control all governments have in organizing the market. C) efficiency the market achieves without the interference of governments. D) inefficiency of markets when governments do not organize them. E) invisible command system that efficiently allocates resources.
When a market consists of many small firms, it:
A. must be a perfectly competitive market. B. cannot be a monopoly. C. cannot be a monopolistically competitive market. D. can only be an oligopoly.
If the price were $6 each, her consumer surplus would be
Table: Demand and Utility Schedules for packs of scented candles
A. $26.
B. $18.
C. $13.
D. $3.
If the interest rate is 10 percent per year, and you have $100,000 now, which of the following is closest to what your $100,000 will be worth in one year?
A) $105,000 B) $110,000 C) $100,000 D) $102,000