Suppose the price elasticity of demand for oil is 0.1. In order to lower the price of oil by 20 percent, the quantity of oil supplied must be increased by

When less than the efficient amount of a good is produced, how does the marginal benefit of the last unit produced compare to its marginal cost?

What will be an ideal response?

Refer to Table 2-4. What is Jack's opportunity cost of mowing a lawn?

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