If the marginal benefit Isaac derives from the consumption of another candy bar is greater than the price of the candy bar, then:
a. Isaac will not purchase any more candy bars
b. Isaac will increase his total satisfaction by purchasing the candy bar.
c. the opportunity cost of the candy bar is less than the price.
d. Isaac's total utility will diminish if he purchases the candy bar.
b
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Which of the following statements is TRUE for both a competitive market and a single-price monopoly?
A) The firm maximizes profit by producing the quantity at which marginal revenue equals marginal cost. B) The firm can make an economic profit in the long run. C) The price is set where the supply curve and demand curve intersect. D) The firm always produces at the lowest possible long-run average cost.
In economics, the total amount received for selling a good or service is referred to as
A) revenue. B) factor payments. C) profit. D) capital gains.