Why is the equality between the marginal benefit and marginal cost of an action an equilibrium condition in economics? No more than 3 lines

Q: Assume that a city can earn an additional $100,000 of revenue each year from using drones to catch…

A: Economic activity is said to be rational if the revenue associated with that activity is greater…

Q: Which of the following is NOT the way you can understand interaction effects?   a. by graphing the…

A: Interaction  When a research design involves two or more independent variables, there is more to…

Q: I am trying to figure out how to find the marginal benefit

A: To show how to calculate the marginal benefit.

Q: Suppose that MASU managed to get Olivia Rodrigo to play a concert at Convocation Hall. Tickets cost…

A: The economic cost of attending the Olivia Rodrigo live performance isn't simply the price ticket…

Q: Jake is a talented artist who sells hand-crafted goods on his website. Jake currently crafts and…

A: The amount that is given up in exchange for something else is known as the opportunity cost, or…

Q: Explain the difference between productive and allocation efficiency. How do you think a centrally…

A: Productive efficiency is the optimal way to produce goods and services at the lowest possible cost,…

Q: The most important assumption in economics is-  complexity selfishness rationality human error

A: Economics is defined as the production of goods and services that are distributed in an economy. It…

Q: What determines whether or not a resource is scarce? Why is the concept of scarcity important to the…

A: The scarcity of resources is determined when the demand for resources is more than the availability…

Q: In a production possibilities curve, is a change from inefficiency to economic efficiency obtained…

A: The wants and desires of the individuals in the economy are unlimited but resources possessed by an…