The marginal benefit of an activity is
i. the benefit from a one-unit increase in the activity.
ii. the benefit of a small, unimportant activity.
iii. measured by what the person is willing to give up to get one additional unit of the activity.
A) i only B) ii only C) ii and iii D) i and iii E) iii only
D
Economics
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The difference between a firm's revenue and its operating expenses is the firm's operating income
Indicate whether the statement is true or false
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The overriding reason why households and societies face many decisions is that
a. resources are scarce. b. goods and services are not scarce. c. incomes fluctuate with business cycles. d. people, by nature, tend to disagree.
Economics