0. Basic Principles of Economics

The main goal of using a cost-benefit analysis is to reach a:

Which term describes the next-best alternative that must be forgone in order to produce one more unit of a given product?

The marginal product of labor measures how much an additional unit of labor affects which of the following?

The increase in total revenue that results from selling one more unit of output is called:

Which of the following best defines marginal benefit?

In the context of marginal analysis, what is most likely to happen if the pie maker bakes a seventh pie?

In the context of marginal analysis, what term refers to the level of detail considered in a model or decision-making process?

At what point is marginal cost at its minimum in the context of a firm's production?

In marginal analysis, what type of cost can be saved by not producing the last unit of output?

Which situation is consistent with the law of diminishing marginal utility?

The marginal cost curve shows the relationship between:

Self-interest, marginal decision making, and optimization form the basis for which of the following?

Which of the following is a step in conducting a cost-benefit analysis?

Why does the marginal cost curve typically have a U-shape in microeconomics?

Which of the following best describes the typical graphical portrayal of marginal cost in microeconomics?