Complete the following sentence. Marginal cost Select one: A. remains constant. B. is the opportunity cost of producing one more unit of a good or service. C. is unrelated to the production possibilities frontier. D. is always greater then marginal benefit. E. always equals marginal benefit.
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- assume that you happen to see a ripe mango fallen from a tree lying along a public roadside. if you pick it up and consume, you can enjoy some satisfaction. how many factors of production are involved in this process of satisfying your want? explain you answer.Final Year Exam: Economics 3 of 24 The definition of Product Possibility Frontier is The graph which indicates the various production possibilities of two products when resources are fixed. The graph that shows the highest amount of money a person can make over a period of time. The graph that shows how supply and demand works. The graph that tells us how well an economy is doingIn the attached figure, if 2 million computers are produced per year, then:a. The marginal cost of one computer exceeds the marginal benefit of one computer, so more computers must be produced.b. The marginal cost of a computer exceeds the marginal benefit of a computer, so fewer computers must be produced.c. The marginal benefit of a computer exceeds the marginal cost of a computer, so more computers must be produced.d. The marginal benefit of a computer exceeds the marginal benefit of a computer, so fewer computers must be produced.FOR EACH ALTERNATIVE, PLEASE EXPLAIN WHY IS TRUE, FALSE OR UNCERTAIN.
- Share your example of: diminishing marginal benefit rising marginal costWhat is the nature of an opportunity cost? a It is always variable. b It is a potential benefit. c It is included as part of cost of goods sold. d It is a sunk cost.Specify and explain the typical shapes of marginal-benefifit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefifit, should more or fewer resources be allocated to this product? Explain.
- Which expression is another way of saying "marginal benefit"? Total benefit Profit Extra benefit Loss1.How does a business owner applying the concept of marginal costs decide how much to produce? For example, how did the driver determine how many hours to drive each day?Explain the following concept 1.scarcity 2.choice 3.opportunity cost 4.resource
- The law of increasing opportunity costs indicates that the opportunity cost of producing a good: a. increases as more of the good is produced. b. decreases as more of the good is produced. c. is proportional to the production of the good. d. is constant to the production of the good.The definition of Product Possibility Frontier is The graph which indicates the various production possibilities of two products when resources are fixed. The graph that shows the highest amount of money a person can make over a period of time. The graph that shows how supply and demand works. The graph that tells us how well an economy is doingHi, this is for our Microeconomics course. We are tasked to analyze following items (a, b, and c). Please help me.