The principle that individuals and firms pick the activity level where the incremental benefit of that activity equals the incremental cost of that activity is known as the:
A. marginal principle.
B. principle of opportunity cost.
C. principle of diminishing returns.
D. spillover principle.
Answer: A
Economics
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The efficiency of the payments' mechanism affects
a. the speed with which money can be exchanged for other assets. b. how quickly individual loan applications will be approved. c. how slowly individuals deplete their cash balances. d. the speed with which financial institutions can process checks and other funds.
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If Steve's Apple Orchard, Inc. is a perfectly competitive firm, the demand for Steve's apples has
a. horizontal b. downward sloping c. vertical d. upward sloping
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