Efficient production requires that: there is a fair distribution of economic benefits. the quantity is produced that causes marginal cost to be equal to marginal benefit. each good produced goes to the person who gets the highest marginal benefit from it. production is distributed so that each good is produced at the lowest marginal cost.

In a market economy the price of something or someone's labor (including wages and salaries paid to sports stars) are determined by: Group of answer choices   the government.   the social desirability of the product or the service provided.   demand and supply.

The Principle of Diminishing Marginal Returns means what?         the more a good is consumed, the lower the average benefit from consumption.     the more of a good that is produced, the greater the benefit of the last good to the supplier.     the less of a good that is produced, the greater the average productivity of inputs.     The more of a good that is produced, the lower the productivity of the last input to production.     the more of a good that is produced, the greater the marginal productivity of the last input.

The act of using goods and services to satisfy the human wants is known as ______

A swimming athlete is deciding whether to work out for an extra hour. Her marginal benefit from another hour of exercise. Is less than the marginal cost of the additional hour of swimming. Is the benefit she receives from practicing the additional hour. Is the benefit she gets from all the hours she has worked out all week. Depends on the cost of the extra hour of workout.

There are only a few restaurants near a tourist attraction. These restaurants would mail discount coupons to local residents nearby and they find that this could help them earning more profits. Explain the economic principle behind this.

Sophia, Victoria, and Eve all would like a place to sit while waiting at their children's bus stop. The neighborhood association is considering installing several park benches at the bus stop. Sophia values the benches at $25, Victoria at $35, and Eve at $42. The park benches and labor for installation cost $100. If they are the only residents who value the benches, what should the neighborhood association do? Install the park benches because the benefits outweigh the costs. Install the park benches because people like places to sit. Do not install the park benches to prevent the Tragedy of the Commons problem of overuse. Do not install the park benches because the costs outweigh the benefits. A Moving to another question will save this response. «< Question 24 of 25 Close Window

Question 7 Cindy is planning to sell her house. She is considering making two upgrades for the house before selling it. Painting the whole house will cost $15,000. Replacing the old windows will cost $25,000. Cindy’s real estate agent told her that the new painting will increase the value of the house by $12,000 and the new windows will increase the value of the house by $28,000. What is the marginal cost and marginal benefit of painting the whole house? Marginal cost          Marginal benefit A: $12,000                $15,000 B: $15,000                $12,000 C: $3,000                  $3,000 D: $3,000                 -$3,000

Cooperatives have that get to vote on what the business doesGroup of answer choicesmembersproductscorporationseconomies

The quantity supplied of a good isA) equal to the difference between the quantity available and the quantity desired by all consumers and producers.B) the same thing as the quantity demanded at each price.C) the amount that the producers are planning to sell at a particular price during a given time period.D) the amount the firm would sell if it faced no resource constraints.