{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Chapter 02 - Rational Economic Behavior

Chapter 02 - Rational Economic Behavior - Test Bank...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Page 1 of 10 Test Bank Microeconomics: Theory and Policy Chapter 02: Rational Economic Behavior B. Modjtahedi Question 1 When it comes to demand something, marginal benefit is A. The minimum of something else you are willing and able to give up to get it. B. What you have to give up to get it. C. The maximum amount of something else you have to give up to get it. D. The maximum amount of something else you are willing and able to give up to get it. E. None of the above. Question 2 When it comes to demand something, marginal cost is Question 3 When it comes to supply something, marginal benefit is Question 4 When it comes to supply something, marginal cost is Question 5 The marginal benefit of a new car for you is $25,000. This means that A. If you pay $25,000 for it, you will end up being better off. B. If you pay $25,000 for it, you will end up being neither better off nor worse off. C. If you pay $25,000 for it, you may end up being worse off. D. If you pay $25,000 for it, you will end up being either better off or worse off. E. None of the above. Question 6 The marginal benefit of buying a new dishwasher for George is $2,000. This means that
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Page 2 of 10 Question 7 The marginal cost of buying a new refrigerator for Melissa is $3,000. This means that
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}