price. B) the marginal benefit from it is zero, @ the marginal benefit from it e
ID: 1166822 • Letter: P
Question
price. B) the marginal benefit from it is zero, @ the marginal benefit from it exceeds 0 the price. D) there is no deadweight loss produced 16) The figure above shov by his purchase of a cone. benefit from swimmi Scotf's marginal cost swimming tours. At week, Kaley's marg and Scott's margina E) None of the above answers is correct. 12) As more of a good is produced along a production possibilities frontier A) its marginal benefit becomes larger B) the economy's production efficiency A) $40, $10 C) $30, $20 17) The figure above benefit from swi increases. C) its marginal cost becomes larger D) the economy's production efficiency Scott's marginal swimming tour allocative effici point? decreases. E) None of the answers describe what happens as more of one good is A) A 13) A point on the demand curve shows the A) margigal benefit from that unit. B) price and the corresponding quantity D) D E) Eitherp demanded C) marginal cost to the seller of producing 18) Producer su over the qu A) margi Oppo B) marg price C) marg mar D) pric cost E) No the unit. D) Both answers A and B are correct. E) Both answers A and C are correct. 14) The opportunity cost of producing one more unit of a good or service is the A) price of the good or service. B) marginal benefit. C) efficient level of production. D) marginal cost. E) market outcome. 15) Samantha was willing to pay $10 for a hamburger because she was hungry but she only paid $7. What is the consumer surplus Samantha gained from the hamburger? A) $10.00 B) $12.50 C) $7 D) $3 E) None of the above answers is correct. demand of 1.Explanation / Answer
12) D) None of the answers describe what happens when more of one good is produced.
Increase or decrease in country's production efficiency shifts PPR rightward or leftward respectively. Marginal cost of firm does not increase.
13) Demand curve shows different combination of price and quantity demanded.
B) price and the corresponding quantity demanded
14) D) Marginal cost
Opportunity cost of producing an additional unit of good or service is the marginal cost of firm.
15) Consumer surplus = Willingness to pay for the good - Actual price paid for the good = 10 - 7 = $ 3
Answer is D) $ 3
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