The marginal cost incurred by the entire society to produce a good or service is the
A) marginal external cost.
B) marginal private cost.
C) marginal social cost.
D) marginal social benefit.
E) marginal private benefit.
C
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The marginal cost curves slope upward because of the principle of
A) decreasing marginal benefits. B) increasing marginal cost. C) increasing marginal benefits. D) decreasing marginal cost. E) decreasing total benefit.
For consumers, computers are a complement to computer software. Suppose the price of a computer falls. Simultaneously, suppose that the number of companies selling computer software decreases
How do these changes affect the price and quantity of computer software?
A marginal adjustment only refers to a minor change
a. True b. False
Which of the following is a good example of efficient specialization and voluntary exchange?
a. A college professor hires someone to rototill a garden for spring planting. b. A college professor works on the engine of a car for a neighbor who is a mechanic. c. A lawyer decides to babysit his young child and agrees to do so for others for cash. d. A physician agrees to help a neighbor work on her income tax return in exchange for her bookkeeping services.