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Author Question: Explain the difference between marginal cost and marginal benefit. What will be an ideal ... (Read 46 times)

Kthamas

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on: Jun 29, 2018
Explain the difference between marginal cost and marginal benefit.
 
  What will be an ideal response?

Question 2

In the above figure, a single-price monopolist charges a price of ________, resulting in total revenue equal to area ________.
 
  A) 10; hbcd
  B) 20; fjem
  C) 10; fbcg
  D) 30; fbcg


todom5090

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

Marginal benefit is the benefit someone in society obtains when another unit of a good or service is produced. Marginal cost is the cost to someone in society of producing another unit of a good or service.

Answer to Question 2

D


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