Which of the following is correct? L. Marginal benefit is the benefit that a per

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Which of the following is correct? L. Marginal benefit is the benefit that a person receives from consuming one more II. The marginal benefit of a pizza is the amount of another good that people are get a pizza. 13) unit of a good give up A) only II B) neither I norII C) both I and II D) only I 4) The principle of decreasing marginal benefit implies that the 14) A) total benefit from obtaining more of a good or service decreases as more is consumed. 8) total benefit from obtaining more of a good or service remains the same as more is consumed. C) additional benefit from obtaining one more of a good or service increases as more is D) additional benefit from obtaining one more of a good or service decreases as more is inthe rent and in 15) srThe short run effect of a decrease in the supply of housing is a the quantity of housing units A) rise; an increase B) rise, a decrease C)fall a decrease D fall, an increase 16) un adjustment to 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) A minimum wage set above the equilibrium wage will A) create a lower wage rate for skilled workers than for unskilled workers. B) have no effect because the 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 household's income nor the prices of the goods and services that it buys 19) Which of the following is true regarding perfect competition? L. The firms are price takers. I. Marginal revenue equals the price of the product 111, Established firms have no advantage over new firms C) I only D) I and II Aull and B) II and III 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

Explanation / Answer

13 D marginal benefit is benefit that a person receives by consuming one more unit of good

14 D

15B rise, decrease

16 A increase in supply due to profits

17D

Can answer only four questions according to chegg policy. Please send other parts as separate question

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