0. Basic Principles of Economics

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

The law of diminishing marginal product of labor is demonstrated by which of the following?

Which of the following is true about the marginal productivity of any resource?

Why is the concept of marginal product important for business owners to understand?

To increase marginal return, a company might consider which of the following actions?

In the context of marginal analysis, curve 2 represents marginal ______.

Given an inverse linear demand function P = a - bQ, what is the marginal revenue (MR) function?

Which of the following is an example of how marginal thinking works?

Suppose a car wash charges \$5 per car and the total cost of washing 23 cars is \$100, while the total cost of washing 24 cars is \$104. What is the marginal cost of washing the 24th car?

Which of the following best describes the marginal revenue product (MRP) schedule in microeconomics?

Which statement best describes marginal tax rates?

Which of the following is a basic step in conducting marginal cost analysis?

Which of the following best describes how marginal revenue product (MRP) is a technique that helps managers make decisions?

Marginal cost can be defined as the change in:

In the short run, if marginal cost exceeds average total cost, what happens to average total cost as output increases?