Economics is primarily the study of:
A) the mental functions and behavior of individuals and groups.
B) the state, nation, government, and politics and policies of governments.
C) the problems related to existence and evolution of society.
D) how agents choose to allocate scarce resources and how the choices affect society.
Question 2
Resource use is allocatively efficient when marginal benefit is
A) greater than marginal cost.
B) equal to marginal cost.
C) less than marginal cost.
D) at its maximum value.