Opportunity cost is best defined as Select one: a. the amount given up when choosing one activity over the next best alternative. b. the amount given up when choosing one activity over all other alternatives. c. the amount that is given up when choosing an activity that is not as good as the next best alternative d. the opportunity to earn a profit that is greater than the one currently being made.

The cost of a trade-off is known as the of that decision. a. opportunity cost b. marginal cost C. comparative cost d. explicit cost е. net cost

Complete the following table and answer the accompanying questions.   Control Variable Q Total Benefits B(Q) Total Cost C(Q) Net Benefits Benefits N(Q) Marginal Benefit MB(Q) Marginal Cost MC(Q) Marginal Net Benefit MNB(Q) 100 1,200 950   210 60   101 1,400       70   102 1,590       80   103 1,770       90   104 1,940       100   105 2,100       110   106 2,250       120   107 2,390       130   108 2,520       140   109 2,640       150   110 2,750       160     a. At what level of the control variable are net benefits maximized?    b. What is the relation between marginal benefit and marginal cost at this level of the variable?    multiple choice Marginal cost is much smaller than marginal benefit. Marginal cost is slightly larger than marginal benefit. Marginal cost is slightly smaller than marginal benefit. Marginal cost is much larger than marginal benefit

(a) Calculate the value of marginal profit when marginal revenue is $400 and marginal cost is $700 (b) Is the firm getting benefits?