The marginal benefit of a taco is measured by
A) the price of the taco.
B) the amount of another good a person is willing to give up to get one more taco.
C) the amount of another good a person must give up to get one more taco.
D) a point on the PPF.
E) the opportunity cost of producing another taco.
B
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The following are the equations for the supply and demand curves in the market for weezils: Demand: Qd= 20?2P Supply: Qs= 5 + 3P where Qdis the quantity demanded, Qsis the quantity supplied, and P is the price per weezil in dollars. Refer to Exhibit 4-1. According to the data given, when the market is in Equilibrium, how many weezils are sold?
A. 3 B. 5 C. 11 D. 14
Compared to the pay increase from just a third year of college, the actual pay increase resulting from a fourth year that results in graduation is
a. several times smaller b. the same c. only very slightly greater d. several times greater e. No economist has ever studied this issue
Aggregate supply can be thought of as
A. a fixed amount of output. B. unrelated to the price level. C. a schedule of output at different price levels. D. the volume of goods at the ends of the production possibilities curve.
Jimmer's nominal income will go up by 10 percent next year. Inflation is expected to be - 2 percent next year. By approximately how much will Jimmer's real income change next year?
What will be an ideal response?