Author Question: When the incremental satisfaction derived from an additional unit of a good or service decreases as ... (Read 114 times)

gonzo233 · **on:** Jun 30, 2018

When the incremental satisfaction derived from an additional unit of a good or service decreases as more is consumed, it is known as:
a. consumer equilibrium.
b. marginal benefit.
c. diminishing marginal utility.
d. decreasing opportunity cost.

Question 2

The marginal revenue product (MRP) is the:
a. value of the additional output that an extra unit of a resource can produce.
b. cost of hiring an additional unit of a resource.
c. extra cost of producing an additional unit of output.
d. increase in total output when an additional unit of an input is hired.
e. change in total revenue when an additional unit of a good is sold.