0. Basic Principles of Economics

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?

Which of the following best describes the marginal social benefit (MSB) curve shown in the graph?

Refer to the table below. The total cost of producing 199 pizzas is \$1,000, and the total cost of producing 200 pizzas is \$1,005. What is the marginal cost of producing the 200th pizza?

Which of the following best describes the relationship between variable costs and output in marginal analysis?

When marginal revenue product equals marginal revenue cost, what is the implication for a profit-maximizing firm?

When total product is increasing but at a decreasing rate, what happens to the marginal product?

Suppose a consumer's total utility from movie tickets is as follows: 1 ticket = 10 utils, 2 tickets = 18 utils, 3 tickets = 25 utils, 4 tickets = 31 utils, 5 tickets = 36 utils. What is the marginal utility of the 5th movie ticket?

According to marginal analysis, at what point should the owners of a failing factory decide to shut it down?

Which of the following is typically the first step in marginal analysis?

Which of the following statements best describes a marginal investor?

In the context of marginal analysis, what does increasing marginal opportunity costs mean?