0. Basic Principles of Economics

The extra or additional revenue associated with the production of an additional unit of output is the:

According to the chart, what is the marginal cost of producing the second pie?

The basic difference between the short run and the long run in microeconomics is that:

Suppose a firm faces a linear demand curve given by P = a - bQ, where P is price, Q is quantity, a and b are positive constants. What is the formula for marginal revenue (MR) for this firm?

Which of the following best defines marginal cost?

An additional cost from selecting a certain course of action is known as a(n):

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?