0. Basic Principles of Economics

Which statement best expresses the law of diminishing marginal utility?

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

The point at which it is no longer advantageous to buy in bulk is known as marginal:

Which economic principle pertains to how a change in a property affects its value as a whole?

Marginal thinking is best demonstrated by which decision rule?

The monopolistically competitive seller maximizes profit by producing at the point where:

How does a business use marginal analysis to decide how many workers to employ?

Which of the following best describes the behavior of fixed cost per unit as output increases?

If marginal cost exceeds average total cost in the short run, which of the following is likely to be true?

In marginal analysis, what is the marginal benefit (MB) of an activity?

Marginal thinking is best demonstrated by which of the following scenarios?

In marginal analysis, the law of diminishing marginal utility explains why a consumer's demand curve for a good is typically downward sloping: as consumption of the good increases, what happens to marginal utility?

In the context of marginal analysis, what is the opportunity cost of increasing the number of computers produced from 14 to 15?

Refer to Table 13-2. If the total output with three workers is 24 units and with four workers is 30 units, what is the marginal product of the fourth worker?

The marginal benefit of an activity can be found by calculating the change in: