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29 May 2018

18) Which of the following is true regarding marginal benefit? I. The marginal benefit curve shows the benefit firms receive by producing another unit of a good. II. Marginal benefit increases as more and more of a good is consumed. III. Marginal benefit is the maximum amount a person is willing to pay to obtain one more unit of a good. A) I and III B) I, II, and III C) I and II D) I only E) III only

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Hubert Koch
Hubert KochLv2
29 May 2018
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16) The marginal benefit curve for a good A) is upward-sloping. B) shows the benefit a firm receives from producing one more unit of that good. C) shows the most a consumer is willing to pay for one more unit of that good. D) is bowed outward. E) none of the above.

5. The marginal benefit curve for a good A) shows the benefit a firm receives from producing one more unit of that good. B) shows the most a consumer is willing to pay for one more unit of that good. C) is upward-sloping. is bowed outward. E) is none of the above.

12. Here are several statements about the equilibrium in a perfectly competitive industry: 1. This equilibrium maximizes the amount of consumer surplus that consumers receive II. In perfectly competitive equilibrium, the value to consumers of the marginal unit of the good purchased is higher than the marginal cost of producing that unit, creating consumer surplus III. In long run equilibrium, all firms that want to enter the industry have entered and all firms that want to exit the industry have exited Which of the above statements are true? A) I only B) II only C) III only D) I and II E) I and III F) II and III G) I and II and IIIH ) none of the statements are true

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