Refer to Table 2-15. What is George's opportunity cost of cultivating a garden?
A) one-half of a garden cultivated B) two lawns mowed
C) two-thirds of a garden cultivated D) one and a half lawns mowed
B
Economics
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When underproduction occurs,
A) producers gain more surplus at the expense of consumers. B) marginal cost is greater than marginal benefit. C) consumer surplus increases to a harmful amount. D) there is a deadweight loss that is borne by the entire society. E) the deadweight loss harms only consumers.
Economics
Refer to the table above. What is the marginal benefit that Jenny derives from the fifth unit?
A) $0 B) $1 C) $6 D) $30
Economics