0. Basic Principles of Economics

Which description best captures the idea of marginal thinking?

When a firm is producing at an output level where marginal revenue (mr) equals marginal cost (mc), it is following:

Refer to Table 14-4. If the total revenue from selling 3 units is \$30 and the total revenue from selling 4 units is \$36, what is the marginal revenue from selling the 4th unit?

Marginal thinking is best demonstrated by:

According to the income and consumption schedules shown above, the marginal propensity to consume (MPC) is best defined as:

Which statement best illustrates the concept of diminishing marginal utility?

Which of the following statements reflects marginal decision-making?

The point of maximum profit is the point at which the marginal cost equals the:

Marginal cost is equal to average total cost when:

Which term refers to the additional revenue that an extra unit of output would add to total revenue?

In the context of marginal analysis, what is most likely to happen if a pie maker continues to produce additional pies beyond the point where marginal cost exceeds marginal benefit?

Which of the following best describes marginal revenue?

The marginal benefit of a slice of pizza is the:

In the context of marginal analysis, why does the marginal product (MP) of labor initially increase as more units of labor are added to a fixed amount of capital?

At what point does the marginal cost (MC) curve intersect the average variable cost (AVC) curve?