0. Basic Principles of Economics

Which of the following best describes marginal utility?

Marginal analysis in decision-making is best described as which of the following?

Given a revenue function r = r(q), what is the marginal revenue (MR)?

Given the following demand schedule, what is the marginal revenue (MR) for the 10th unit?| Quantity | Price ||---------|-------|| 9 | \$15 || 10 | \$14 |Assume the firm can sell all units at the listed price for each quantity.

As more workers are hired in the short run, how does the marginal product of labor typically change?

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?