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Author Question: Marginal benefit is equal to the ________ benefit a consumer receives from consuming one more unit ... (Read 83 times)

Marty

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on: Jun 29, 2018
Marginal benefit is equal to the ________ benefit a consumer receives from consuming one more unit of a good or service.
 
  A) additional B) unintended C) total D) surplus

Question 2

A firm that is producing the quantity at which marginal cost exceeds both average total cost and the market price will increase its economic profit by _______.
 
  A. producing a larger quantity
  B. raising the price to equal marginal cost
  C. producing a smaller quantity
  D. producing the quantity that minimizes average total cost


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jackie

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

C The market price equals the firm's marginal revenue. When a firm's marginal cost exceeds its marginal revenue, the firm's profit increases if it decreases its production.


Marty

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Reply 2 on: Jun 29, 2018
Excellent

tandmlomax84

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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