A person will choose to buy a good as long as
A) marginal benefit is at least as great as price.
B) consumer surplus is positive.
C) marginal benefit is positive.
D) consumer surplus is at least as great as price.
A
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Which of the following will be true if employment grows faster than the population as a whole? a. Output per capita will increase faster than productivity per worker
b. The standard of living will increase. c. Output per capita and productivity per worker will grow at an equal pace. d. Output per worker and productivity per worker will remain unaffected. e. Output per capita will increase at a diminishing rate.
One reason that variable factors of production tend to show diminishing returns in the short run is that:
A. there is only so much that can be produced using additional variable inputs when some factors of production are fixed. B. large firms cannot effectively manage their resources. C. capital equipment is often idle in the short run. D. the cost of employing additional resources increases as firms employ more of those resources.