The marginal principle implies that an individual should produce or consume where
A) marginal benefit is less than marginal cost. B) marginal benefit exceeds marginal cost.
C) marginal benefit equals marginal cost. D) total benefit equals total cost.
C
Economics
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The opportunity cost of an action:
a. is equal to the marginal cost of an action b. is equal to explicit cost c. is equal to the cost of the next best alternative forgone d. is the total cost of an action
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International trade based on the concept of comparative advantage allows trading partners to be better off than if they did not trade
a. True b. False
Economics