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Economics
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8 Feb 2020

_____is the evaluation and analysis of incremental benefits of an activity compared to the incremental costs incurred by that same activity

 

a) Marginal analysis.

b) opportunity cost.

c) trade-off.

d) Equi-marginal principle.



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Hubert Koch
Hubert KochLv2
8 Feb 2020

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Related questions

The marginal analysis involves undertaking an activity

a. until the marginal product is zero

b. until the marginal wage is maximum

c. until the marginal cost is equal to marginal benefits

d. until the marginal social cost is maximum

8. SMC always passes through the

a. minimum of both short run total cost curve and short run variable cost curve.

b. minimum of both short run average cost curve and short run average variable cost curve.

c. minimum of the long run average curve.

d. minimum of the short run average cost curve only.

9. In the first-degree price discrimination consumer surplus is

a. determined by elasticity of demand.

b. determined by the difference between P and MR

c. determined by area under the demand curve minus price.

d. zero.

10. A price taker firm faces a

a. perfectly elastic demand curve 

b. declining marginal revenue

c. perfectly elastic supply curve

d. declining market demand curve

11. For a discriminating monopolist, the price is usually

a. higher in the market which has elastic demand

b. higher in the market which has inelastic demand.

c. lower in the market which has inelastic demand

d. higher in the market which as higher marginal revenue.

12. At the point of inflection on the total cost curve.

a. marginal and average costs are equal.

b. marginal cost is maximum.

c. marginal cost is minimum.

d. average cost is minimum.

e. marginal product is minimum.

13. A discriminating monopolist must allocate output by the law of

a. equi-marginal utility c. equi-marginal productivity

b. equi-marginal revenue d. equi-marginal cost

Which items are among the five foundations of economics?

a. incentives

b. trade-offs

c. opportunity cost

d. conditions of scarcity

e. marginal thinking

f. the principle that trade creates value.

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