0. Basic Principles of Economics

All else being equal, if the marginal cost of producing an additional unit exceeds the marginal benefit, what should a rational decision-maker do?

Refer to Table 13-3. If the total output with one worker is 10 units and with two workers is 18 units, what is the marginal product of the second worker?

The marginal product of a factor shows how much an additional unit of that factor adds to:

Which of the following options is NOT included in the marginal cost of a production decision?

Refer to the figure. Which curve is most likely to represent marginal cost?

Economics involves marginal analysis because:

Which scenario best illustrates the law of diminishing marginal utility?

Which of the following best describes marginal resource cost?

Given the following production chart, where the total output with 4 workers is 80 units and with 5 workers is 90 units, what is the marginal product of labor (MPL) of the fifth worker?

Which of the following best describes the marginal social benefit (MSB) curve shown in the graph?

Refer to the table below. The total cost of producing 199 pizzas is \$1,000, and the total cost of producing 200 pizzas is \$1,005. What is the marginal cost of producing the 200th pizza?

In marginal analysis, what is typically the first step a decision-maker should take when evaluating whether to undertake an additional (marginal) action?

Which of the following best describes the relationship between variable costs and output in marginal analysis?

When marginal revenue product equals marginal revenue cost, what is the implication for a profit-maximizing firm?

When total product is increasing but at a decreasing rate, what happens to the marginal product?