0. Basic Principles of Economics

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?

In marginal analysis, what is typically the first step a decision-maker should take when evaluating whether to undertake an additional (marginal) action?

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?

In the context of marginal analysis, producer A's opportunity cost of producing one more unit of good X is best described as:

Given a graph that depicts the marginal cost (MC) curve for a firm, which of the following statements is most likely true about the relationship between marginal cost and output?

Which of the following best describes the marginal benefit of consuming a good?

In marginal analysis, calculations of cost and benefit are always which of the following?

Which of the following best expresses the law of diminishing marginal utility?