13) Which of the following is correct? L Marginal benefit is the benefit that a

Q: 13) Which of the following is correct? L Marginal benefit is the benefit that a

First question is answered below 1. Correct option: (D) Only I Reason: Marginal benefit refers to the additional benefit received from consuming an additional unit of good. It is just the increase in benefit that is to be measured per unit increase in good consumed.

ID: 1128402 • Letter: 1

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13) Which of the following is correct? L Marginal benefit is the benefit that a person receives from consuming one The marginal · benefit of a pizza is the amount of another good that people are willing to give up get a pizza. A) only II B) neither I nor II C) both 1 and I1 D) only I 14) The prindiple of decreasing marginal benefit implies that the 14) A) total benefit from obtaining more of a good or service decreases as more is consumed. B) total benefit from obtaining more of a good or service remains the same as more is consumesd. C) additional benefit from obtaining one more of a good or service increases as more is additional benefit from obtaining one more of a good or service decreases as more is in 15) 15) The short run effect of a decrease in the supply of housing is a_in the rent a the quantity of housing units A) rise; an increase B) rise; a decrease C) fall: a decrease D) fall; an increase 16) In the absence of a rent ceiling, the long run adjustment t an initial decrease in the supply of housing is A) an increase in the supply of housing due to profits B) an increase in the supply of housing due to the initial surplus. C) a decrease in demand for housing due to higher rent. D) a decrease in demand for housing due to the initial shortage. 17) 17) A minimum wage set above the equilibrium wage will A) create a lower wage rate for skilled workers than for unskilled workers. equilibrium level of employment is not affected by a minimum wage above the equilibrium wage. C) create a shortage of labor D) create a surplus of labor 18) 18) A household's consumption choices cannot exceed limits created by A) only the household's income. B) only the prices of the goods and services that it buys C) both the household's income and the prices of the goods and services that it buys. D) neither the households Income nor the pricesof the goods and services that t bus. 19) 19) Which of the following is true regarding perfect competition? L The firms are price takers. IL. Marginal revenue equals the price of the product. III. Established firms have no advantage over new C) I only D) I and II B) II and III A)LII and 111 20) 20) Perfect competition implies that A) all firms are price takers. B) all firms are producing the same identical product. C) there are many firms in the industry. D) All of the above answers are correct

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First question is answered below

Correct option: (D) Only I

Reason: Marginal benefit refers to the additional benefit received from consuming an additional unit of good. It is just the increase in benefit that is to be measured per unit increase in good consumed.

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13) Which of the following is correct? 13) L. Marginal benefit is the benefit th

13) Which of the following is not found in glycolipids? Question 13 options: a c

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13) Which of the following is correct? L Marginal benefit is the benefit that a

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