The value of the best thing that a person must give up when making a decision is known as the ________ cost

If a natural monopoly is regulated using the marginal cost pricing rule, how does the regulation affect prices, outputs, profits, and the distribution of surpluses? What are the pros and cons to this method of regulation?

What will be an ideal response?

How do economists measure the consumption of a good?

(A) The amount of a good that is bought for a specific amount of money. (B) The amount of money spent to buy a good. (C) The amount of a good that is bought. (D) The amount of a good that is actually used rather than bought.